TechFlow news — On September 17, according to The Block, Alex Mashinsky, the former CEO of cryptocurrency lending platform Celsius, is facing a potential prison sentence of up to 115 years. Last Friday, Mashinsky’s legal team filed a memorandum with a New York district court requesting permission for six former Celsius employees to testify during his criminal trial, including executives such as the company's former chief financial officer and chief revenue officer.
Mashinsky was arrested in July 2023 on allegations of defrauding customers and misleading them about Celsius’ profitability. The U.S. Securities and Exchange Commission (SEC) has accused Celsius and Mashinsky of raising billions of dollars through fraudulent and unregistered crypto asset offerings, as well as manipulating the price of its native token, CEL.
In the memorandum, Mashinsky’s attorneys argued that as CEO of Celsius, he relied on information provided by a team of experienced professionals and had no intention of harming anyone. They emphasized: "The government has informed the defense that its 'current position' is that Mr. Mashinsky should receive a 115-year sentence under the sentencing guidelines."
