Celsius CEO Alex Mashinsky steps down amid tumultuous bankruptcy proceedings


On Tuesday, September 27, 2022, Celsius Network CEO Alex Mashinsky submitted a letter of resignation from the company. Mashinsky added that he still plans to help the struggling crypto lender “succeed in its reorganization.”

Alex Mashinsky resigns from struggling Celsius – Founder apologizes for ‘difficult financial circumstances’

After Celsius suspended withdrawals on June 12, 2022, more than a month later, the company deposit for Chapter 11 bankruptcy protection. Just recently, audio leak Celsius executives have suggested the company may try to leverage a crypto IOU to repay investors. Three days after that report, Celsius Network CEO Alex Mashinsky told the public in a Press release that he resigned from his post.

“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 position as Director at Celsius Network Ltd. Mashinsky said in a statement. published on Tuesday. “I regret that my continued role as CEO has become an increasing distraction, and I am truly sorry for the financial hardship our community members are facing.”

The Celsius founder added:

Since the hiatus, I have worked tirelessly to help the company and its advisors come up with a workable plan for the company to return coins to creditors in the fairest and most efficient manner. I am committed to helping the company continue to expand and promote this plan, to help account holders become whole.

Crypto lender Celsius has faced ongoing bankruptcy proceedings as many creditors are itching to recover losses. During the first week of September, the company sought to reopen withdrawals for some customers, and last week a court-appointed examiner was added to the case to comb through the financial documents of the crypto lender.

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What do you think of Celsius CEO Alex Mashinsky’s resignation letter? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.

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