Uniswap price surged sharply as the crypto market erupted on May 8, with the decentralized exchange’s native token spiking 17% to hit its highest level in two weeks. With cryptocurrencies in upward mode as Bitcoin (BTC) reclaimed the $100,000 mark,…

Uniswap surges 17% as BTC reclaims $100k, Unichain growth accelerates

The U.S. Senate voted Thursday against advancing the GENIUS Act, a key bill 
that would regulate stablecoins, marking a setback for the crypto industry’s 
push for regulatory clarity. The procedural cloture vote failed 48-49, falling 
short of the 60 votes…

US Senate votes against GENIUS Act after Democrat pushback

Alex Mashinsky, the former CEO of cryptocurrency lender Celsius Network, was 
sentenced today to 12 years in prison for defrauding customers and 
manipulating the price of the platform’s native token, CEL. In December 2024, 
Mashinsky pleaded guilty to one count of commodities fraud and one count of 
securities fraud, admitting to misleading investors about Celsius’s […]

Celsius Boss Falls: Alex Mashinsky Sentenced to 12 Years for $7B Fraud

The US federal court for the Southern District of New York has sentenced 
former Celsius CEO Alex Mashinsky to 12 years in prison for fraud.
Mashinsky&#8217;s legal team sought a light sentence. They highlighted his spotless 
record before the Celsius incident, along with his military service and 
willingness to plead guilty. But US prosecutors were less inclined to 
leniency, suggesting on April 28 that the judge deliver a 20-year sentence for 
his actions.
Betting markets predicted a light sentence ahead of the May 8 hearing. 
Polymarket showed only 11% odds for a 20-year sentence or higher.
_Source:__Polymarket_
President Donald Trump began his second term with high-profile pardons of 
crypto executives, signalling that his administration may bring leniency to 
crypto fraudsters like Mashinsky. His sentencing today, however, suggests 
otherwise.
## Trump&#8217;s DOJ wants Mashinsky sentence to serve as a warning
Crypto-related crimes have their limits, according to the current US 
Department of Justice. Jay Clayton, the Trump-nomianted US attorney leading 
the prosecution, said on April 28 that the suggested 20-year sentence serves 
as a &#8220;critical warning to other entrepreneurs, executives, and promoters in 
the cryptocurrency industry and in any future industry as-yet unconceived: 
that fraud will be punished severely, regardless of the technology or industry 
in which it occurs.&#8221;
_Bitcoin advocate Jameson Lopp quotes the prosecution &#8216;s argument that 
Mashinsky targeted retail investors. Source: __Jameson Lopp_ 
Clayton argued that a strong sentence was warranted as the fraud targeted 
unsophisticated retail investors rather than institutional parties with 
protections and expertise. Mashinsky &#8220;preyed on ordinary individuals who 
relied on his promises of safety and financial security.&#8221;
The Mashinsky defense team drew attention to Mashinsky&#8217;s character, 
highlighting his long career in business, devotion to family and service with 
the Israel Defense Forces.
His lawyers also drew distinctions between Mashinsky&#8217;s case and that of 
Bankman-Fried, claiming, &#8220;There are no allegations &#8212; let alone any proof &#8212; 
that Alex misappropriated, embezzled or stole any customer assets or any 
Celsius money.&#8221;
On May 5, Mashinsky&#8217;s legal team argued that these mitigating factors should 
warrant a sentence of no more than 366 days.
&#8220;The government&#8217;s venom-laced submission recasts this case as one involving a 
predator with an intent to target victims, harm them, and steal their money,&#8221; 
his team said.
Mashinsky&#8217;s lawyers called the suggested 20-year term a &#8220;death-in-prison 
sentence.&#8221;
## Mashinsky&#8217;s sentence follows high-profile Trump pardons for crypto execs
Trump started his term with the pardon of Silk Road 2.0 founder Ross Ulbricht, 
whose acceptance of Bitcoin (BTC) on his narcotics trading platform endeared 
him to the crypto community.
The president also commuted the sentences of Arthur Hayes, Benjamin Delo and 
Samuel Reed, three BitMEX crypto exchange executives who pleaded guilty to 
violating the Bank Secrecy Act and failing to establish a proper Anti-Money 
Laundering program.
Sam Mangel, a consultant to white-collar convicts who advised former Trump 
staffer Steve Bannon and Bankman-Fried, told Politico there has been a large 
spike in interest in presidential pardons.
&#8220;Everybody that is in prison now is keenly aware of the environment, and it&#8217;s 
become a very hot topic within the low- and minimum-security inmate 
communities,&#8221; said Mangel.
_**Related:**__**US stablecoin bill loses democrats amid Trump corruption 
concerns**_
High-profile crypto defendants seem to have taken notice, too. Roger Ver, an 
early Bitcoin advocate and libertarian activist, is facing federal tax evasion 
charges. In January, he released a video making an outright plea to Trump for 
a commutation. Ver claimed that he is the victim of lawfare and likened his 
persecution to Trump&#8217;s legal problems following the Jan. 6 scandal.
Sam Bankman-Fried, the disgraced former CEO of now-defunct exchange FTX, 
likened his court experience with Trump&#8217;s defamation lawsuit in an interview 
with The New York Sun on Feb. 18. He claimed his trial was politicized under 
the Biden administration and that he didn&#8217;t think there was &#8220;a very fair and 
balanced view or approach.&#8221; His parents also reportedly met with lawyers and 
people close to the Trump administration to explore the possibility of a 
presidential pardon.
Trump&#8217;s commutation of the BitMEX executives has even led former Binance CEO 
Changpeng Zhao to apply for clemency. On May 6, Zhao said that his lawyers had 
submitted an application and were awaiting a response.
The current administration is still writing the rules of the road as 
regulators reshuffle personnel and priorities and new legal frameworks for 
crypto take shape. The picture is further muddled by Trump&#8217;s own crypto 
projects, which have raised concerns over corruption and conflicts of 
interest. Mashinsky&#8217;s sentence shows that, for the financial world, certain 
crimes will not go unpunished.
_**Magazine:**__**Adam Back says Bitcoin price cycle &#8217;10x bigger&#8217; but will 
still decisively break above $100K**_

Mashinsky’s 12-year sentence sets tone of enforcement in Trump era

HyperLiquid has flipped a major resistance level into support at $20, 
signaling strong bullish momentum. If this level holds, a 41% move toward $29 
could be on the horizon. After a series of consistent higher lows and higher 
highs, Hyperliquid…

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Sui rose over 19% on May 8, climbing from $3.33 to $3.92 in 24 hours, 
following a brief decline the day prior. The move came with a sharp rise in 
trading volume, signaling increased market activity. On May 7, SUI…