Ex-Celsius CEO Alex Mashinsky Get 12 Years Prison for Biggest Crypto Lending Fraud
Alex Mashinsky, wey start and be former CEO for Celsius Network, don get sentence of 12 years for federal prison for planning one of the biggest crypto lending frauds. Mashinsky admit say e commit commodities and securities fraud by telling investors lie about how Celsius money matter be, e talk say the platform strong pass how e be, promise profit wey no real, and illegally play with the CEL token price to make money for himself. E make $48 million illegally, wey make small small investors lose plenty money as the Celsius platform fall, leaving $1.2 billion deficit. Prosecutors push for 20-year sentence, say Mashinsky no show remorse and the loss wey customers face plenty. Another executive, Roni Cohen-Pavon, admit say e guilty and e cooperate with authorities, e help government agencies like SEC, CFTC, and FTC, wey secure $4.7 billion settlement—wetin still be important requirement na to return assets to customers wey dem affect. This conviction show say government don dey serious with crypto lending platforms and e highlight say crypto traders need to dey careful with centralized providers and native platform tokens. This case na important time for compliance and transparency for the crypto industry.
Bearish
Di wey dem judge Alex Mashinsky for di big fraud e arrange for Celsius Network bad for both di CEL token and di whole centralized crypto lending palava. As e turn out say e do kobo kobo with money, play wayo with di CEL token, and goment come put heavy hand, investors and traders no trust dem again. Sharp sharp, this one fit make di price of CEL fall and dem go dey eye centralized lending platforms more. For long run, as goment still dey pursue and warn people about di risks for centralized business, e fit make people waka go decentralized options, make dem dey more careful for dat side. Di way money lost plenty and di law come hard on am show say dem get yansh wey open, and dis one fit make investors fear and trading volume for things wey relate fall.