TechFlow, May 6 — According to Cointelegraph, Celsius founder Alex Mashinsky has strongly objected to the U.S. Department of Justice's proposed 20-year prison sentence. Earlier, in December 2024, Mashinsky pleaded guilty to commodities fraud and manipulating the price of CEL tokens, profiting $48 million from token sales before Celsius collapsed. On May 5, his legal team filed a reply memorandum with the New York district court, requesting a sentence of no more than 366 days, arguing that Mashinsky is a first-time, non-violent offender with a 30-year unblemished business record. Celsius filed for bankruptcy protection in July 2022 with $4.7 billion in liabilities, affecting the assets of hundreds of thousands of users.
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