Former Celsius CEO Alexander Mashinsky was sentenced to 12 years behind bars.
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00:00Yet another former crypto company executive is headed behind bars.
00:04Alexander Mashinsky, the former CEO of cryptocurrency lending platform Celsius,
00:08has been sentenced to 12 years in prison.
00:11Mashinsky was found guilty of commodities fraud and an attempt to manipulate the Celsius token.
00:16Prosecutors said the former CEO misled investors about how safe and profitable Celsius' platform was,
00:21all the while selling off millions of dollars of his own company holdings.
00:25In her argument, Assistant U.S. Attorney Allison Nichols said Mashinsky preyed on hope.
00:30Mashinsky knew exactly what he was doing, selling these people hope.
00:33Mashinsky's case is just another tale of a crypto star turned felon.
00:37FTX's Sam Bankman Freed was sentenced to 25 years in prison for his role in the company's collapse.
00:42Former Binance CEO Changpeng Zhao spent four months in prison
00:45and was forced to pay $100 million in fines for money laundering.
00:50And former TerraLabs CEO Do Kwon faces 130 years in prison
00:55for his role in the largest collapse in crypto history.
00:57That'll do it for your daily briefing.
00:59From New York City, I'm Kelsey Barbario with The Street.