Former Celsius CEO Alex Mashinsky is set to begin serving a 12-year prison sentence this Friday after pleading guilty to fraud and other charges tied to the collapse of the crypto lending giant. Court filings from the Southern District of New York confirm that Mashinsky must surrender to authorities before 2:00 p.m. ET, with his sentence to be carried out at the Federal Prison Camp in Otisville, New York, a minimum-security facility about 75 miles from New York City.

Mashinsky, once a high-profile figure in the digital asset world, saw his empire crumble in July 2022 when Celsius filed for bankruptcy amid a broader crypto market crash triggered by the Terra ecosystem’s collapse. He resigned as CEO shortly after, leaving creditors in limbo as the company unraveled. In January 2024, Celsius formally exited bankruptcy and began distributing roughly $3 billion in assets back to creditors. Court records show Mashinsky forfeited all claims to the company during those proceedings.

The former executive was indicted on seven felony charges in mid-2023, including commodities fraud and market manipulation tied to the Celsius token. His legal team’s attempt to dismiss parts of the case failed, leading to his conviction and sentencing. Meanwhile, Celsius’s former chief revenue officer, Roni Cohen-Pavon, pleaded guilty to four felony charges and will be sentenced later this month.

Mashinsky now joins a notorious group of fallen crypto leaders facing prison time. FTX founder Sam Bankman-Fried is serving 25 years, former Binance CEO Changpeng Zhao recently served a four-month term, and Terraform Labs co-founder Do Kwon awaits sentencing after his guilty plea. Once celebrated as a pioneer of decentralized finance, Mashinsky’s downfall underscores the growing legal risks for crypto executives in the post-2022 regulatory era.