Celsius CEO Alex Mashinsky resigns amid tough bankruptcy proceedings

On Tuesday, September 27, 2022, Celsius Network’s CEO, Alex Mashinsky, submitted his resignation from the company. Mashinsky added that he still plans to help the tied crypto lender “achieve a successful reorganization.”

Alex Mashinsky Resigns Because of Peak Heat – Founder Apologizes for ‘Difficult Financial Situation’

After Celsius halted withdrawals on June 12, 2022, more than a month later, the company filed for Chapter 11 bankruptcy protection. Recently, audio leaked from executives of the company. Celsius suggests the company could try to leverage the IOU cryptocurrency to return investors money. Three days after that report, Celsius Network’s CEO, Alex Mashinsky, told the public in a press release that he had resigned.

Effective immediately, please accept my resignation as the CEO of Celsius Network Ltd, as well as my directorships and other positions at each direct subsidiary. directly and indirectly, with the exception of my directorship at Celsius Network Ltd,” Mashinsky said in a statement released on Tuesday. “I regret that it has become increasingly distracting to continue my role as CEO and I deeply regret the difficult financial situation that members of our community are facing.

The Celsius founder added:

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 the most equitable and efficient manner. . I am committed to helping the company continue to grow and advance that plan, to help account holders become whole.

Read more: DeFi Platform Holds dAMM Raise $2 Million in Private Token Sale

Cryptocurrency lender Celsius has faced ongoing bankruptcy proceedings as many creditors are looking to cover the losses. During the first week of September, the company sought to reopen withdrawals for a select number of customers, and last week a court-appointed examiner was added to the case to review the procedure. Financing of crypto lenders.

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