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Celsius founder Mashinsky was sentenced to 12 years for encryption fraud.
According to Gate.io News bot and Bloomberg, Alex Mashinsky, the founder of the Crypto Assets lending platform Celsius Network, has recently been sentenced to 12 years in prison.
Mashinsky engaged in crypto assets fraud during his tenure at Celsius Network. Previously, Celsius Network filed for bankruptcy protection in July 2022, with over 1.8 million users and managing assets totaling $12 billion.
Bloomberg reported that, in addition to serving his sentence, Mashinsky must also pay fines and forfeit illegal gains.