CEOs are scheduled to begin 12 years in prison this week

Former celsius CEO Alex Mashinsky is scheduled to report to federal prison on Friday following a guilty plea and sentence hearing.

The former CEO is expected to surrender to authorities by 2pm Friday, according to documents filed May 12, days after the Machineski ruling hearing in U.S. District Court for the Southern District of New York.

The court recommended that Maski be sentenced to prison at a federal prison camp in Otisville, New York.

The sluggish crypto market is likely to be caused by the collapse of the Terra ecosystem in 2022, but Celsius, along with FTX and others, has been one of the largest crypto companies in the industry.

The company filed for bankruptcy in the US in July 2022, and Machineski resigned as CEO several months later.

Conditions for Alex Mashinsky’s imprisonment filed on May 12th. Source: SDNY

Celsius ended bankruptcy in January 2024 and later began distributing assets worth around $3 billion to creditors.

According to court documents filed in June, Maski confiscated all claims against the company during bankruptcy proceedings.

The former CEO, originally charged with seven felony charges in July 2023, lost allegations that his lawyer had a count related to product fraud and was planning to go to trial before losing a motion to manipulate the price of a Celsius (CEL) token.

The company’s former chief revenue officer, Roni Cohen Pabon, pleaded guilty to four felony charges and is set to be sentenced September 17th.

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Cointelegraph contacted Machineski and Cohen Pabon’s legal team for comment, but did not receive a response at the time of publication.

https://www.youtube.com/watch?v=1ljpqxtupnc

Maski was one of the most important figures in the cryptocurrency and blockchain industry, along with former FTX CEO Sam “SBF” Bankman-Fried, former Binance CEO Changpeng “CZ” Zhao and co-founder of Terraforms Labs, who faced criminal charges and prison time.

Bankmanfried was convicted and sentenced to 25 years in a California prison, while Zhao pleaded guilty and served for four months.

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