A US court sentenced former Celsius CEO Alex Mashinsky.

According to the court's verdict, the former founder of Celsius must pay a $48 million fine and will serve time in the Otisville correctional facility. The businessman’s lawyers requested a sentence of about a year, claiming that their client "did not intend to deceive anyone" and became an unfortunate victim of the market crisis, "like many others."

Celsius positioned itself as a profitable alternative to banks by offering high interest rates for cryptocurrency storage. Gaining popularity thanks to Mashinsky's appearances, the company held $25 billion in assets at its peak. However, in June 2022, amidst the "crypto winter," Celsius halted withdrawals. A month later, the company filed for bankruptcy, locking its clients out of $5 billion in crypto assets.

The U.S. federal prosecutor claimed that Mashinsky deliberately lied about the company's financial results, creating an illusion of profitability.

In December 2024, Mashinsky admitted his guilt on two charges: commodity fraud and manipulating the price of the CEL token issued by Celsius.

Previously, the Celsius Network platform appealed the decision of Judge John Dorsey (, who rejected the claim against the bankrupt cryptocurrency exchange FTX for compensation of $444 million.