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Celsius CEO resigns amid bankruptcy proceedings


Alex Mashinsky, founder and CEO of Celcius Network Ltd., during a panel session at the Blockchain Week Summit in Paris, France, April 13, 2022.

Benjamin Girette | Bloomberg | beautiful pictures

Celsius Network’s CEO, Alex Mashinsky, submitted his resignation on Tuesday, months after the crypto company submit for Chapter 11 bankrupt protection.

Mashinsky’s resignation was effective immediately, but he said in a release that he will continue to help the company provide its creditors with “the best results.”

“I regret that it has become increasingly distracting to continue my role as CEO, and I very much regret the financial hardship that members of our community have found themselves in. are facing,” he wrote in the letter. “Since the pause, I have worked tirelessly to help the Company and its advisors come up with a workable plan for the Company to return the coins to its creditors in a fair and efficient manner. best.”

As of May, Celsius is one of the biggest players in the crypto lending space with over $8 billion in loans to customers and nearly $12 billion in assets under management. The company will lend its crypto partners to customers willing to pay outrageous interest rates and then Celsius will split a portion of that revenue among users.

The structure collapsed during liquidity squealing sound in industry.

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