Alex Mashinsky, the former CEO of Celsius Network, filed a motion to vacate his 12-year prison sentence for crypto fraud on Friday, arguing that a legal conflict tied to the Sam Bankman-Fried case undermines his conviction. The filing, made public May 29, 2026, adds an unexpected wrinkle to the long-running saga of two of crypto’s most high-profile fraud prosecutions.
The motion
Mashinsky’s legal team submitted the motion in the same federal district where he was convicted in 2024. The 12-year sentence was handed down after a jury found him guilty of fraud, conspiracy, and market manipulation related to the collapse of Celsius, once a major crypto lending platform. The filing does not detail the specific legal conflict, but it explicitly invokes the prosecution of Sam Bankman-Fried, the former FTX CEO who was convicted on similar charges last year.
The SBF connection
The motion cites a “legal conflict” arising from the Bankman-Fried case—likely a procedural or constitutional issue that Mashinsky’s lawyers believe should also apply to his own conviction. Legal experts following the case note that such motions are rare post-sentencing, especially when the defendant is already serving time. The overlap between the two cases has long been noted: both involved massive investor losses, celebrity endorsements, and prosecutors who aggressively pursued top executives. Mashinsky’s filing suggests he sees a window to attack the foundation of his sentence through developments in the SBF litigation.
What happens next
Prosecutors will now have an opportunity to respond to Mashinsky’s motion. The court could schedule a hearing or rule on the papers alone. Given the high profile of both cases, any ruling will be closely watched. Mashinsky remains incarcerated while the motion is pending.
