Victim impact statements in the Celsius case show how devastating crypto collapses are even under the poor previous regulations, which the crypto industry is now arguing were so draconian as to stifle the industry entirely.
![Alex Mashinsky and Celsius
Celsius CEO Alex Mashinsky has filed his sentencing submission for his upcoming sentencing on May 8.3 After pleading guilty to fraud and market manipulation just ahead of his scheduled trial [I71], Mashinsky is now asking to be sentenced to no more than a year in prison. Sentencing guidelines recommend a sentence of thirty years. Prosecutors have not yet filed their submission, although they have submitted more than 200 victim impact statements.
These are heartwrenching, and there are numerous statements from elderly or otherwise vulnerable people who were coaxed to put their life savings into Celsius. The letters really drive home a point I try to make often: some people dismiss the crypto industry’s abuses as though they only harm those who “deserve it” — often picturing a caricature of a young, greedy crypto bro who fully understands the risks he’s taking, gambling away money he can afford to lose. In reality, we frequently see the crypto industry actively targeting the most vulnerable, and these are the people who are worst harmed during crypto’s regular disasters. In fact, the FBI just published its 2024 Internet Crime report, showing that Americans over 60 suffered the most out of reported losses involving crypto, measured by both number of complaints (33,369) and the amount lost ($2.8 billion).4d](/proxy/post_attachment/484549/d3f2fd5127.png "Alex Mashinsky and Celsius
Celsius CEO Alex Mashinsky has filed his sentencing submission for his upcoming sentencing on May 8.3 After pleading guilty to fraud and market manipulation just ahead of his scheduled trial [I71], Mashinsky is now asking to be sentenced to no more than a year in prison. Sentencing guidelines recommend a sentence of thirty years. Prosecutors have not yet filed their submission, although they have submitted more than 200 victim impact statements.
These are heartwrenching, and there are numerous statements from elderly or otherwise vulnerable people who were coaxed to put their life savings into Celsius. The letters really drive home a point I try to make often: some people dismiss the crypto industry’s abuses as though they only harm those who “deserve it” — often picturing a caricature of a young, greedy crypto bro who fully understands the risks he’s taking, gambling away money he can afford to lose. In reality, we frequently see the crypto industry actively targeting the most vulnerable, and these are the people who are worst harmed during crypto’s regular disasters. In fact, the FBI just published its 2024 Internet Crime report, showing that Americans over 60 suffered the most out of reported losses involving crypto, measured by both number of complaints (33,369) and the amount lost ($2.8 billion).4d")
![Some excerpts from the submissions:
[I’m] ashamed to admit to you, family and friends how much Alex [Mashinsky] took from me. Decades of hard work that would have created generational wealth for my family is gone. Everyday that I have to keep waking up at 6am to work a physical labor dead end job I’m reminded what you stole from me.
I’m now 59 and lost my entire life savings (nearly 9 Bitcoin) in the Celsius bk case. Needless to say, at my age, it was absolutely devastating. I had retired & had no income and was planning to rely on the bitcoin to live on. I lost my apartment, I could no longer help my very sick mother, I had to liquidate everything else I owned just to scrape by. I literally had to ‘camp’ out of my vehicle for nearly a year until I could begin to get back on my feet.
The financial devastation triggered constant arguments and fights between my wife and me. The economic strain put so much pressure on our relationship that my wife eventually asked for a divorce. Over time, the situation became unbearable, and my wife returned to the Netherlands with my daughter, leaving me behind in Spain. Now, I am not only financially ruined but also alone and separated from my daughter.
I’m a blind father of three that hasn’t worked [redacted] I was desperate and sought yield and ran across Celsius and placed a significant portion of my net worth there and now lets just say we are struggling. I’m now 50k [in] credit card debt just trying to survive with inflation and very](/proxy/post_attachment/484551/982eb52f36.png "Some excerpts from the submissions:
[I’m] ashamed to admit to you, family and friends how much Alex [Mashinsky] took from me. Decades of hard work that would have created generational wealth for my family is gone. Everyday that I have to keep waking up at 6am to work a physical labor dead end job I’m reminded what you stole from me.
I’m now 59 and lost my entire life savings (nearly 9 Bitcoin) in the Celsius bk case. Needless to say, at my age, it was absolutely devastating. I had retired & had no income and was planning to rely on the bitcoin to live on. I lost my apartment, I could no longer help my very sick mother, I had to liquidate everything else I owned just to scrape by. I literally had to ‘camp’ out of my vehicle for nearly a year until I could begin to get back on my feet.
The financial devastation triggered constant arguments and fights between my wife and me. The economic strain put so much pressure on our relationship that my wife eventually asked for a divorce. Over time, the situation became unbearable, and my wife returned to the Netherlands with my daughter, leaving me behind in Spain. Now, I am not only financially ruined but also alone and separated from my daughter.
I’m a blind father of three that hasn’t worked [redacted] I was desperate and sought yield and ran across Celsius and placed a significant portion of my net worth there and now lets just say we are struggling. I’m now 50k [in] credit card debt just trying to survive with inflation and very")
DWF Labs has joined Justin Sun in purchasing tens of millions in WLFI tokens from the Trump family’s World Liberty Financial project. DWF Labs was previously accused in a Wall Street Journal report of engaging in massive market manipulation.
@molly0xfff the simpler headline is, "trump prints own money, Arabs buy it."