Mashinsky’s lawyers called the suggested 20-year term a “death-in-prison sentence.”Mashinsky’s sentence follows high-profile Trump pardons for crypto execsTrump started his term with the pardon of Silk Road 2.0 founder Ross Ulbricht, whose acceptance of Bitcoin (BTC) on his narcotics trading platform endeared him to the crypto community. The president also commuted the sentences of Arthur Hayes, Benjamin Delo and Samuel Reed, three BitMEX crypto exchange executives who pleaded guilty to violating the Bank Secrecy Act and failing to establish a proper Anti-Money Laundering program.
Mashinsky “preyed on ordinary individuals who relied on his promises of safety and financial security.” The Mashinsky defense team drew attention to Mashinsky’s character, highlighting his long career in business, devotion to family and service with the Israel Defense Forces. His lawyers also drew distinctions between Mashinsky’s case and that of Bankman-Fried, claiming, “There are no allegations — let alone any proof — that Alex misappropriated, embezzled or stole any customer assets or any Celsius money.”On May 5, Mashinsky’s legal team argued that these mitigating factors should warrant a sentence of no more than 366 days.“The government’s venom-laced submission recasts this case as one involving a predator with an intent to target victims, harm them, and steal their money,” his team said.
Jay Clayton, the Trump-nomianted US attorney leading the prosecution, said on April 28 that the suggested 20-year sentence serves as a “critical warning to other entrepreneurs, executives, and promoters in the cryptocurrency industry and in any future industry as-yet unconceived: that fraud will be punished severely, regardless of the technology or industry in which it occurs.”Bitcoin advocate Jameson Lopp quotes the prosecution’s argument that Mashinsky targeted retail investors.
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