CEO of Embattled Celsius Resigns Amid Bankruptcy Proceedings 

CEO of Embattled Celsius Resigns Amid Bankruptcy Proceedings 

Share Post:

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.

Many crypto lenders like Celsius Network is facing a liquidity crisis in the current crypto crash, perhaps, they lack good risk management skills, many crypto traders and investors have been a victim of the crypto crash like the lending firms, personal interaction with an expert may build your portfolio by saving your energy while other are struggling.

Our Paradise Team is a group of experts with more than 6 years of experience in trading cryptocurrency, after developing a deep understanding of trading crypto, the Paradise Team is now helping others by providing information and education that will change their lives through crypto trading.

Join our ParadiseFamilyVIP membership today on Binance (spot and futures), Bybit, Kucoin, OKX, and Bitmex using PRO20% for your special20% discount; you’ll have a personal trading expert to assist you in all your trades with little or no effort required from you to win trades.

Hurry now as the promo expires soon and click here for reviews from our clients.

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.

Join our telegram channels where we share our FREE updates and analysis on coins like BTC, ETH, and other trending altcoins. We also share our FREE secret insights, and also FREE market updates.

Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments

Recent Articles

Follow Us

Trade Crypto Like a PRO

Decrease the risk of losing everything you have.

A team of 4 professional traders is sharing their personal daily trade setups with you.

Imagine finally having the right strategy, insights and knowledge to profit from the volatile crypto market movements consistently.

Safe Time, and Start Trading Like a PRO Today
Dark Mode