Former Celsius CEO Alex Mashinsky was sentenced to 12 years in prison for involvement in cryptocurrency fraud, Internet reported. According to Inner City Press, Masinsky was arrested in 2023 and pleaded guilty to commodity fraud and a fraudulent scheme to manipulate the price of the company's token CEL. Judge John George Koeltl said Masinsky's actions resulted in people losing their savings and causing psychological harm. Masinsky's lawyers had requested a sentence of no more than 366 days, while prosecutors sought a 20-year prison sentence. Celsius filed for bankruptcy in 2022 and dissolved in 2024, with part of the funds used to create Bitcoin mining company Ionic Digital.