US court to sentence former Celsius CEO Alex Mashinsky on May 8 over fraud and manipulation charges

The sentencing of former Celsius CEO Alex Mashinsky is scheduled for May 8, 2025, following his guilty plea on two criminal counts late last year, according to a New York district court filing on Wednesday.In July 2023, federal prosecutors accused Mashinsky of several crimes, including commodities fraud, securities fraud, wire fraud, and multiple counts of market manipulation, among others. The ex-Celsius executive admitted to one count of commodities fraud and one count of a price manipulation scheme tied to the firm's native token, CEL, in December. Mashinsky could face up to 20 years in prison on these charges.His sentencing was initially slated for April 8. However, attorneys for Mashinsky requested a month’s delay to submit extra evidence for his defense.Celsius was one of several crypto businesses toppled in 2022 as markets sank after Terra’s multi-billion-dollar crash. Agencies like the U.S. Department of Justice, the Securities and Exchange Commission, and the Federal Trade Commission claimed that Mashinsky bilked investors of billions and lied about profitability. The Wall Street Journal reported that the crypto lender had once held $13 billion in customer deposits before its bankruptcy filing.During the DOJ trial, Mashinsky’s lawyers said he banked on information provided by company experts and meant no harm to clients.The one-time Celsius CEO wouldn't be the only crypto bigwig from the last cycle to face or have faced criminal sentencing. Sam Bankman-Fried, former CEO of FTX, received a 25-year sentence for fraud-related offenses in late 2023. Meanwhile, Terraform Labs co-founder Do Kwon denied wrongdoing before a Manhattan court in January following his extradition to the United States last December. Kwon’s trial was set for January 2026.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.