Baidu is working on an innovative AI system that will be able to translate the sounds of cats and dogs into human language, which will allow owners to better understand the emotional state of their pets.
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Alex Mashinsky, the architect of the cryptocurrency platform Celsius Network, has been sentenced to twelve years in prison. The sentence was the result of his guilty plea to securities and commodities fraud. A Manhattan court found him guilty of intentionally misleading customers about the platform’s reliability and artificially inflating the price of the Cel token.
United States District Court Judge John Koeltl sentenced Celsius Network founder Alex Mashinsky to 12 years in prison for committing cryptocurrency fraud. Mashinsky, who pleaded guilty to fraud in December 2024, knowingly inflated the price of the Cel token and misled investors about the safety of their investments on the platform.
Prosecutors had sought a 20-year sentence for Mashinsky, arguing that his actions had cost thousands of investors billions of dollars in losses. Celsius’ founder himself had asked for a year in prison, citing his sincere remorse. In addition to the prison sentence, he was ordered to serve three years of supervised release and forfeit $48.4 million.
Celsius Network, founded in 2017, filed for bankruptcy in July 2022 amid the cryptocurrency market crash. Customers lost access to their deposits after the company failed to pay out $1.19 billion in total. Mashinsky has also been the subject of civil lawsuits from the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, and the New York State Attorney General.
Also, they lured investors with promises of high interest rates on deposits, including up to 17%, but failed to provide financial stability amid falling cryptocurrency prices. Mashinsky’s fraudulent actions became a clear example of the risks associated with uncontrolled crypto lenders.
Mashinsky’s trial resulted in one of the harshest sentences in criminal cases related to cryptocurrencies. US law enforcement agencies continue to fight financial crimes in the crypto sector, emphasizing the importance of companies’ responsibility to investors.
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