Alexander Mashinsky, founder and former CEO of the failed cryptocurrency platform Celsius Network, was sentenced to 12 years in prison on Thursday after pleading guilty to federal fraud charges. A plea agreement had called for up to 30 years.

Mashinsky acknowledged illegally manipulating the price of Celsius’ proprietary token while secretly selling his own tokens at inflated prices. He made $48 million off the scheme before Celsius filed for bankruptcy in 2022. 

By that time, Celsius had become one of the largest crypto platforms in the world, with around $25 billion in assets. Customers considered the business a modern bank where they could safely deposit crypto assets and earn…