Celsius Founder Alex Mashinsky Sentenced to 12 Years in Prison

A US federal judge has sentenced Alex Mashinsky, founder of the defunct cryptocurrency lending platform Celsius, to 12 years in prison for fraud and misleading customers about its business practices. During a court hearing, Mashinsky reportedly cried as he accepted his sentence after pleading guilty to commodities fraud and securities fraud, which included lying about how funds were invested and manipulating cryptocurrency prices for personal gain while also forfeiting $48 million. As the crypto lending boom fades, regulators are warning that other financial institutions may follow suit, raising concerns about consumer trust in traditional finance as well.