Alexander MachinskyFounder and former CEO of A failed encrypted currency platform Celsius was sentenced to 12 years in prison on Thursday, after admitting that he was guilty of federal fraud charges. He invited the guilt acknowledgment agreement for up to 30 years.
Mashinsky illegally admitted to manipulating Celsius’s distinctive symbol while selling his secrets at inflated prices. He submitted $ 48 million from the plan before Celsius submitted a bankruptcy in 2022.
By that time, Klossius became one The largest encryption platform In the world, with about $ 25 billion in assets. Customers considered that the company is a modern bank where they can deposit the encryption assets safely and gain interest.
But Mashinsky confessed to the data that gave them the wrong comfort, including the work suggestion approved by the organizers. Prosecutors said that Mashinsky used slogans such as “Unfant YouSelf” to persuade customers to invest – then used their deposits to pay the costs of market purchases for CELSIUS to support their value.
“I accept full responsibility for my actions,” Machinsky told the court in December.
Its fall reflects those in FTX Sam Bankman Al -MuqaliHe was convicted of stealing about $ 8 billion in customers and sentenced to 25 years in prison.
Among the other encryption chiefs who were in trouble since the industry collapsed in 2022 Changing Chau from Bings, who was sentenced last year to four months in prison after being approved on charges of enabling money laundering.
In January, Do Kwon acknowledged that he was not guilty of fraud charges. Prosecutors say he was involved in a plan to deceive investors in order to amplify the Stablecoin value of Terraform.
Democrats in the Senate stopped on Thursday Trump -backed bill To organize Stablecoins, saying it needs stronger provisions to launder money, foreign exporters and national security. They are also concerned that it can enrich Trump, who belongs to Stablecoin, which can generate tens of millions of dollars annually from his family’s revenues and commercial partners.
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