CEO of Embattled Celsius Resigns Amid Bankruptcy Proceedings 

September 28, 2022

Reading Time: 2 minutes

Alex Mashinsky, the CEO of the troubled crypto lending firm, Celsius Network has stepped down from his role as the company’s CEO, according to a Tuesday press release.

While explaining his move, Mashinsky said;

“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. Since the pause, I have worked tirelessly to help the company and its advisors put forward a viable plan for the Company to return coins to creditors in the fairest and most efficient way.”

He also said in the release that he will continue to assist the firm in providing creditors with the “best outcome.”

According to CoinMarketCap, Celsius token, the firm’s native token plunged by 7% following the announcement on Tuesday.

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A Brief Review of Celsius Journey Till Date

Celsius Network is a lending firm that was founded in 2017 and rose to its peak not long after it was founded, it has more than 1.7 million customers, $25 billion in assets under management, and $850 million in cumulative interest paid as of early 2022.

Its misfortune started during the current market downturn, otherwise called “crypto winter”, an event that led to Celsius Network facing a liquidity crisis, in which the firm was left with no option but to pause withdrawals on its platform in June.

Quebec Pension Fund, one of the prominent stakeholders in the firm, lost nearly all their investment in Celsius, also Daniel Leon, a co-founder of the firm, said in court that his equity was “worthless.” Celsius Network is currently undergoing bankruptcy proceedings.

Mashinsky during his period as Celsius’s CEO attempted to revive the firm, one of the steps taken is by restructuring the firm to focus on crypto custody, he also reportedly planned to turn its debt into cryptocurrency and airdrop it to creditors.

Mashinsky after the Celsius financial crisis was reported to attempt to flee from the United States, a report later denied by him.

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