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Bitcoinist 2025-05-07 11:30:00

Former Celsius CEO Fights DOJ’s 20-Year Punishment Proposal Ahead Of May 8 Sentencing

Former Celsius CEO Fights DOJ’s 20-Year Punishment Proposal Ahead Of May 8 Sentencing

Celsius’ former CEO’s lawyers have filed a motion seeking a reduced one-year sentence and criticizing the US Department of Justice’s (DOJ) proposed 20-year punishment ahead of its upcoming sentencing hearing. Celsius Ex-Boss Slams “Death-In-Prison” Sentence Proposal On Monday, Celsius co-founder Alex Mashinsky’s legal team asked the US District Court of the Southern District of New York to consider a reduced one-year sentence for the former CEO. The reply memorandum filed on May 5 seeks leniency from the US Court, calling the government’s recommended service time a “death-in-prison sentence.” Last month, prosecutors submitted victim impact statements from more than 200 Celsius users explaining the emotional and financial effects of the company’s collapse. Additionally, the US government alleged that Mashinsky was still dangerous due to his “lack of remorse.” In an April 28 sentencing memo, prosecutors stated a 20-year sentence for the Celsius ex-CEO is recommended, as, unlike FTX’s Sam Bankman-Fried (SBF), Mashinsky was “indisputably old enough and experienced enough to better appreciate the crimes he was committing.” As such, “the 25-year sentence for Bankman-Fried is therefore a meaningful data point for the Court to consider,” they concluded. In yesterday’s motion, Mashinsky’s legal defense claimed that the memo was a “venom-laced submission” seeking a “death-in-prison” sentence that would see the former CEO finish his sentence when he’s 79. His lawyers also stated that prosecutors have been trying to “dehumanize” Mashinsky, painting him as a predator, while ignoring his non-violent first-time offender status. The government’s venom-laced submission recasts this case as one involving a predator with an intent to “target” victims, “harm” them, and “steal” their money. It concludes by recommending that a first time, non-violent offender who pled guilty and accepts responsibility receive a death-in-prison sentence. The Crypto Firm’s Collapse Amid the 2022 crypto market crash, Celsius collapsed after the freezing of users’ withdrawals, leading the crypto company to file for bankruptcy. Following the crash, the Securities and Exchange Commission (SEC) charged Mashinsky with fraud and manipulating the market, accusing the former CEO of deceiving investors. Authorities accused Mashinsky of marketing Celsius and its token CEL as a safe crypto investment where customer funds were protected. In November 2024, the former CEO attempted to dismiss the fraud charges against him but failed to convince the court to drop them. The following month, he pleaded guilty to two counts of fraud, admitting to having committed commodities and securities fraud and agreeing to forfeit around $48 million in proceeds from these illegal activities as part of his plea agreement. According to the Monday document, granting the government’s sentencing request would create an “unwarranted disparity,” displaying a “distorted and merciless view of Alex,” which would compare him to criminals like SBF or Bernie Madoff. A life sentence is also unnecessary because it would deprive Alex of credit for the noble life of service he led for his first 55 or so years. A life sentence would treat Alex as if his military service, his business service, his charitable works, and his good nature meant nothing in the sentencing scheme (…). A life sentence might be appropriate for the brazen, arrogant, scoundrel the government envisions. But that’s a caricature, it’s not Alex Mashinsky. Based on this, the Celsius ex-boss’s lawyers asked the Court to impose a sentence of no more than 366 days during the May 8 hearing. Bitcoin (BTC) trades at $94,299 in the one-week chart. Source: BTCUSDT on TradingView

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