Celsius Founder Alex Mashinsky Pleads Guilty to Fraud, Agrees to 30-Year Prison Term

Alex Mashinsky, founder and former CEO of Celsius Network, pleaded guilty to fraud charges and agreed to a 30-year prison sentence. Federal prosecutors accused him of defrauding investors and artificially inflating the company’s value and its crypto token.

Mashinsky admitted to two of the seven charges, including commodity fraud and manipulating the price of the Celsius token (CEL) in 2021. The court is set to announce the sentence on April 8 next year.

“I know what I did was wrong, and I want to do whatever I can to make it right,” Mashinsky said in court. His admission and cooperation with authorities may influence the severity of the sentence. Previously, Celsius faced bankruptcy, leaving thousands of investors with losses totaling hundreds of millions of dollars.