💨 Abstract

Alexander Mashinsky, the former CEO of Celsius Network, was sentenced to 12 years in prison for defrauding customers who invested in his cryptocurrency platform. Mashinsky, 59, was found guilty of misleading investors, promising secure investments while engaging in risky, uncollateralized loans and undisclosed market bets. The scheme led to the platform's bankruptcy in 2022, leaving customers financially ruined and psychologically harmed.

Courtesy: wtop.com

Summarized by Einstein Beta 🤖