Celsius founder Alex Mashinsky has been sentenced to 12 years in prison for orchestrating a cryptocurrency fraud scheme, according to reports from Foresight News. The sentence, involving two separate charges and totaling 144 months of incarceration, also mandates the forfeiture of $48 million and multiple properties. The U.S. Department of Justice previously submitted a sentencing memorandum recommending a 20-year prison term for Mashinsky. This followed Celsius’s suspension of withdrawals on June 12, 2022, leaving customers with billions of dollars in locked crypto assets. Mashinsky pleaded guilty in December 2024, admitting to leading the criminal activities that led to losses exceeding $550 million while personally profiting by over $48 million.