Mashinsky seeks delay while facing a 30-year sentence

Former Celsius (CRYPTO:CEL) CEO Alex Mashinsky has requested a one-month delay in his sentencing, moving the date from April 8 to May 8, 2025.

Mashinsky's legal team cites the complexity of the case, the need to review extensive material, and his obligations in the Celsius bankruptcy case as reasons for the requested delay.

Mashinsky's lawyers stated that he was “simultaneously being pulled in a number of directions” amid his guilty plea in criminal court and litigation in bankruptcy court.

They also want sufficient time to prepare a sentencing submission that accurately presents Mashinsky’s views.

Prosecutors have objected to delaying the sentencing, though they did agree to a one-week extension for objections to the presentence investigation report.

Mashinsky faces charges related to fraud and manipulating the price of Celsius’ CEL token.

He pleaded guilty to two charges in December 2024, potentially facing up to 30 years in prison.

"The defense wants to ensure that it has sufficient time to prepare a sentencing submission that accurately presents Mr. Mashinsky’s views on his offense conduct," as stated in a court filing.

Celsius, founded in 2017, marketed itself as a high-yield crypto lending platform, promising returns as high as 17%.

The company faced scrutiny after the 2022 crypto market downturn exposed liquidity issues, leading to halted customer withdrawals and a Chapter 11 bankruptcy filing.

Prosecutors allege Mashinsky falsely portrayed Celsius as safe while concealing financial struggles, misusing customer funds, and cashing out millions before the collapse.

Roni Cohen-Pavon, Celsius’ former chief revenue officer, also pleaded guilty to felony charges, with his sentencing expected after Mashinsky’s.