Prosecutors have asked for Celsius Network founder Alex Mashinsky to be sentenced to 20 years in prison for his role in a fraudulent scheme that resulted in significant losses for investors. The U.S. Justice Department stated that Mashinsky misrepresented how Celsius managed customer deposits and falsely claimed the company's profitability, leaving over 1,000 victims with more than $550 million in losses while he personally profited by over $48 million. Prosecutors argue that Mashinsky's actions were premeditated and involved deliberate deceit, contrasting his case with that of FTX founder Sam Bankman-Fried, who received a 25-year sentence. They emphasize that Mashinsky, being in his sixties, had the experience to understand the severity of his actions. His upcoming sentencing is set for May 8, with the DOJ asserting that a long prison term would serve justice, deter other fraudsters, and reflect the magnitude of the crime committed.

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