US Prosecutors Submit Over 200 Victim Statements in Celsius Founder Alex Mashinsky’s Case

US prosecutors have filed more than 200 victim impact statements ahead of the sentencing of Celsius founder Alex Mashinsky, scheduled for May 8. Mashinsky stands accused of misrepresenting the financial health of Celsius before its dramatic collapse in 2022.

Interim US Attorney for the Southern District of New York, Jay Clayton, disclosed the collection of statements in an April 23 court filing. The documents aim to demonstrate the widespread harm caused by Celsius’s downfall, which left retail investors globally facing significant losses.

Celsius, once a prominent crypto lending platform, attracted users with promises of high yields on crypto deposits and collateralized loans. Mashinsky’s public advocacy for financial decentralization played a key role in building trust among the platform’s user base. That trust proved misplaced when Celsius froze withdrawals amid 2022’s crypto market downturn.