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On Tuesday, September 27, 2022, Celsius Network CEO Alex Mashinsky sent a letter of resignation from the company. Mashinsky added that he still plans to help the embattled crypto lender “achieve a successful reorganization.”
After Celsius stopped withdrawals on June 12, 2022, over a month later, the company filed for Chapter 11 bankruptcy protection. More recently, leaked audio from Celsius executives suggested that the firm may try to leverage an IOU crypto to pay back investors. Three days after that report, Celsius Network CEO Alex Mashinsky told the public in a press release that he has resigned from his position.
“With immediate effect, please accept my resignation as CEO of Celsius Network Ltd, as well as my directorships and other positions in each of its direct and indirect subsidiaries, with the exception of my directorship of Celsius Network Ltd,” Mashinsky said in a statement released on Tuesday . “I regret that my continued role as CEO has become an increasing distraction, and I am very sorry for the difficult financial circumstances facing members of our community.”
The Celsius founder added:
Since the hiatus, I have worked tirelessly to help the company and its advisors come up with a viable plan for the company to return coins to creditors in the fairest and most efficient way. I am committed to helping the company continue to shape and advance this plan to help account holders become whole.
The crypto lender Celsius has been in the middle of ongoing bankruptcy proceedings as many creditors want to recoup losses. During the first week of September, the company attempted to reopen withdrawals for select customers, and last week a court-appointed investigator was added to the case to comb through the crypto lender’s financial papers.
What do you think about Celsius CEO Alex Mashinsky submitting his resignation letter? Let us know what you think about this topic in the comments section below.
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