Alex Mashinsky, the former CEO of the bankrupt crypto lender Celsius, has filed a motion to vacate his 12-year prison sentence for fraud. The filing, submitted to the court that sentenced him, argues that ineffective legal representation and unresolved evidentiary issues should overturn the conviction.
Grounds cited in the motion
Mashinsky’s legal team contends that his original counsel failed to provide competent representation during the trial and sentencing. The motion also raises specific concerns about evidence that, according to the filing, was not properly addressed before the jury rendered its verdict. Neither the court nor prosecutors have yet responded publicly to the new filing.
Mashinsky was convicted of fraud related to the collapse of Celsius Network, which filed for bankruptcy in 2022 after a dramatic run on customer deposits. The former CEO received a 12-year sentence after a jury found him guilty of misleading investors and customers about the company’s financial health. He has been in federal custody since his sentencing.
What comes next
The motion now sits before the sentencing judge, who must decide whether to hold a hearing or rule on the papers. Mashinsky’s legal team has not indicated whether they will seek bail pending the outcome. For now, the case adds another chapter to one of the most high-profile crypto fraud prosecutions in recent years.
