Celsius CEO Alex Mashinsky resigns 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 intended to help the struggling crypto-currency lender “to achieve a successful reorganization.

Alex Mashinsky resigns from Celsius – Founder apologizes for “difficult financial circumstances“.

After Celsius halted its withdrawals on June 12, 2022, the company filed for Chapter 11 bankruptcy protection a month later. Most recently, audio leaks from Celsius executives suggested that the company might try to leverage an IOU cryptocurrency to pay back investors. Three days after that report, Celsius Network CEO Alex Mashinsky told the public in a press release that he intended to repay the investors he resigned from his position.

“Effective immediately, 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 directorship of Celsius Network Ltd,” Mashinsky said in a statement released Tuesday. “I regret that my continued role as CEO has become an increasing distraction, and I am truly sorry for the difficult financial circumstances facing members of our community.”

The Celsius founder added:

Since the break, I have worked tirelessly to help the company and its advisors come up with a workable plan that allows the company to return the coins to creditors in the fairest and most efficient manner. I am committed to helping the company continue to flesh out and promote this plan to help account holders regain their integrity.

Crypto-currency lender Celsius has been facing ongoing bankruptcy proceedings as many creditors are eager to recoup their losses. In 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 crypto lender’s financial records.

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