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Alex Mashinsky, former Celsius CEO, is scheduled to surrender to federal authorities before 2:00 pm ET on Friday to begin a prison term following guilty pleas and sentencing; the court recommended the Federal Prison Camp in Otisville, New York.
Scheduled surrender before 2:00 pm ET on Friday
Court recommended Otisville Federal Prison Camp (minimum security)
He forfeited claims in Celsius bankruptcy; company distributed roughly $3 billion to creditors
Alex Mashinsky surrender to prison: former Celsius CEO to report before 2:00 pm ET on Friday; learn where and why — stay updated with COINOTAG coverage.
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Alex Mashinsky pleaded guilty to two felony counts in December and is set to surrender to federal authorities following his sentencing; the court recommended Otisville Federal Prison Camp for his term.
What is Alex Mashinsky scheduled to do this Friday?
Alex Mashinsky is scheduled to surrender to federal authorities before 2:00 pm ET on Friday after pleading guilty and being sentenced. The U.S. District Court for the Southern District of New York recommended the Federal Prison Camp in Otisville, New York, as the site for his imprisonment.
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How did the court reach the recommendation for Otisville?
The recommendation for Otisville comes from the sentencing submissions filed with the US District Court for the Southern District of New York on May 12. Otisville is a minimum-security federal prison camp located about 75 miles (120 kilometers) from New York City.
Before the 2022 market downturn, Celsius was among the largest crypto companies. The company filed for Chapter 11 bankruptcy in July 2022 and later exited bankruptcy in January 2024 after a court-approved restructuring and distribution plan.
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Alex Mashinsky’s terms of imprisonment filed on May 12. Source: SDNY
Why is Mashinsky surrendering to federal custody?
Mashinsky pleaded guilty to two felony counts in December, admitting to making false statements about Celsius’ Earn Program. His guilty pleas and subsequent sentencing in the Southern District of New York require him to report to begin his term of imprisonment.
What were the legal steps leading to this surrender?
Key legal milestones include:
July 2022 — Celsius filed for bankruptcy.
July 2023 — Mashinsky was indicted on multiple felony counts.
December — Mashinsky pleaded guilty to two felony counts.
May 12 filings — sentencing documents and recommended facility were submitted to the court.
How did Celsius’ bankruptcy affect creditors and Mashinsky’s claims?
Celsius exited bankruptcy in January 2024 and began distributing approximately $3 billion in assets to creditors. Court documents filed in June indicated that Mashinsky forfeited all claims to the company during the bankruptcy proceedings.
Who else involved in the case has pleaded guilty?
The company’s former chief revenue officer, Roni Cohen-Pavon, pleaded guilty to four felony charges and is scheduled for sentencing on Sept. 17. Other notable industry figures who have faced criminal charges include Sam Bankman-Fried, Changpeng Zhao, and Do Kwon.
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Frequently Asked Questions
When will Alex Mashinsky begin serving his sentence?
Mashinsky is scheduled to surrender before 2:00 pm ET on Friday, per court documents filed on May 12. The exact intake will be handled by federal authorities at the designated facility.
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Did Mashinsky lose claims in the Celsius bankruptcy?
Yes. Court filings from the bankruptcy proceedings indicate Mashinsky forfeited all claims to Celsius as part of the restructuring and creditor distribution process.
Key Takeaways
Surrender scheduled: Mashinsky is to report to federal custody before 2:00 pm ET on Friday.
Recommended facility: The court recommended Otisville Federal Prison Camp for his term.
Bankruptcy impact: Celsius exited bankruptcy in January 2024 and distributed about $3 billion; Mashinsky forfeited claims.
Conclusion
Alex Mashinsky’s scheduled surrender concludes a multi-year legal process tied to Celsius’ collapse, guilty pleas, and bankruptcy proceedings. COINOTAG will continue to monitor court filings and official releases for updates and will report any material changes to the surrender timing or facility recommendation.
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