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Ex-Celsius CEO faces sentencing in May as 200+ victims seek justice
In a shocking turn of events, the former CEO of Celsius Network, Alex Mashinsky, is set to face sentencing on May 8th. The reason behind this sudden development? Over 200 victims have come forward, pleading with the court to deliver the harshest punishment possible for the fraudster.
The victim impact statements submitted by the prosecution reveal a stark reality – one that highlights the devastating consequences of Celsius’s collapse. Brandon Lawrence, a victim who lost an astonishing $140,000 worth of Bitcoin in the debacle, put it bluntly: “I’m saddled with a mountain of debt and shame… Alex Mashinsky should face consequences akin to Bernie Madoff and be incarcerated for life.”
The gravity of the situation is further emphasized by Brian’s statement. The victim lost an enormous sum of $7 million due to Celsius’s fraudulent activities, only to be subsequently sued by the bankrupted firm itself. “I am still defending myself against this lawsuit, wasting more money and time,” he lamented.
It appears that not all victims share the same sentiment, with two urging leniency in Mashinsky’s sentencing. However, it is clear that the majority of those affected are demanding justice – a call echoed by many who have been left reeling from Celsius’ implosion.
The background leading up to this moment began in 2018 when Celsius started attracting users by offering impressive yields on crypto deposits and allowing them to borrow against their digital assets. The company eventually halted its withdrawal services during the 2022 crypto crash before going bankrupt in July of that same year. In July 2023, Mashinsky faced charges for securities and commodities fraud.
Mashinsky’s sentencing is now mere weeks away, with a maximum sentence of up to 30 years hanging precariously in the balance.
Source: https://ambcrypto.com/ex-celsius-ceo-faces-sentencing-in-may-as-200-victims-seek-justice/
