Celsius Network CEO Alex Mashinsky quit the company on Tuesday September 27th 2022. Mashinsky added that he still plans to help the embattled crypto lender “achieve a successful reorganization.”
Alex Mashinsky Resigns From Embattled Celsius — Founder Apologizes for the ‘Difficult Financial Circumstances’
Celsius suspended withdrawals in June 2022. The company then filed for Chapter 11 bankruptcy protection a month later. Recently, Celsius executives leaked audio suggesting that they might attempt to use IOU crypto as a way to pay back investors. In a press release, Alex Mashinsky, CEO of Celsius Network announced that he had resigned three days after the report was published.
“Effective immediately, please accept my resignation as CEO of Celsius Network Ltd, as well as my directorships and other positions at each of its direct and indirect subsidiaries, with the exception of my director position at 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 about the difficult financial circumstances members of our community are facing.”
Celsius was founded by:
The company has been in an extended pause and I’ve worked diligently with its advisors to develop a feasible plan to repay creditors. In order to make account holders whole, I’m committed to helping my company develop and implement that plan.
Celsius, a crypto lender, has been undergoing bankruptcy proceedings. Many creditors want to recuperate their losses. During the first week of September, the company sought to reopen withdrawals for select customers, and last week a court-appointed examiner was added to the case to comb through the crypto lender’s financial paperwork.
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