New York · Decrypt
Celsius Founder Alex Mashinsky Files to Have 12-Year Crypto Fraud Sentence Vacated
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◎ Multiple-sources
Alex Mashinsky, the founder and former CEO of defunct crypto lending platform Celsius, is seeking to vacate his 12-year prison sentence according to a new motion filed in the District Court for the Southern District of New York.
Key facts
- Alex Mashinsky, the founder and former CEO of defunct crypto lending platform Celsius, is seeking to vacate his 12-year prison sentence according to a new motion filed in the District Court
- Last month, Mashinsky was formally banned from the cryptocurrency industry as part of a $10 million settlement with the FTC
- That conflict was the firm’s engagement with FTX founder and former CEO Sam Bankman-Fried, better known as SBF
- Though some creditors wanted even harsher punishments, Mashinsky was sentenced to 12 years in prison for his crimes
Summary
Celsius founder Alex Mashinsky filed a motion to vacate his 12-year prison sentence. The former crypto lending CEO cited ineffective counsel as a core reason for his motion. Mashinsky was arrested and later pleaded guilty to commodities and securities fraud. The motion to vacate, which is handwritten by Mashinsky, cited ineffective counsel and “fruit of a poisonous tree” as grounds for vacating the sentence.