Celsius Founder Facing 20 Years Imprisonment, CEL Token Explodes

The founder of Celsius cryptocurrency platform, Alexander Mashinsky, pleaded guilty to charges of defrauding investors and manipulating the company’s token prices. This admission resulted in a potential sentence of up to 20 years in prison. The downfall of Celsius in 2022 following Mashinsky’s alleged actions left over $550 million in losses for its users. Despite his legal troubles, Mashinsky’s CEL token saw a significant surge, rising by over 70% within 24 hours of the sentencing announcement. This dramatic spike reflects investor sentiment while acknowledging the impact of Mashinsky’s criminal case.