Victims of Celsius Network, led by founder Alex Mashinsky, are demanding a life sentence for him, claiming he has caused extensive harm to their lives. More than 200 victim impact statements have been submitted ahead of his sentencing on May 8, with many expressing that Mashinsky's actions led some to suicide due to financial losses. These statements follow Mashinsky's guilty plea to felony counts involving misleading customers about the company's financial health and manipulating the price of its native token, CEL. Investors, including Brandon Lawrence, who lost significant funds, have compared Mashinsky's conduct to that of Bernie Madoff, seeking severe legal consequences. The court proceedings spotlight the broader fallout from the collapse of Celsius, which filed for bankruptcy in June 2022 trapping $4.7 billion of customer assets, a significant event in the 2022 crypto winter. Prosecutors revealed that Mashinsky and his team intentionally inflated CEL's price while he profited by selling his holdings, raising questions about accountability in the crypto space.

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