Celsius Network’s CEO Alex Mashinsky submitted a letter of resignation to the Special Committee of the Board of Directors of Celsius Network Ltd on Tuesday. Beleaguered crypto lender Celsius’ CEO Alex Mashinsky is to resign with immediate effect. However, he will continue to serve as a director at Celsius Network Ltd.
Celsius CEO Alex Mashinsky Submits Resignation Letter
Alex Mashinsky has resigned as the CEO of crypto lender Celsius Network with immediate effect, according to a press release on September 27. Celsius filed for bankruptcy on July 13 due to the crypto contagion after the Terra-LUNA crisis and DeFi liquidity crisis.
Alex Mashinsky will continue to focus on a recovery plan for Celsius and provide the best outcome for creditors. Moreover, he urges the Celsius community to stay united. He looks to work with the company and advisors on a reorganization plan.
“I elected to resign my post as CEO of Celsius Network today. Nevertheless, I will continue to maintain my focus on working to help the community unite behind a plan that will provide the best outcome for all creditors – which is what I have been doing since the Company filed for bankruptcy.”
Alex Mashinsky will continue to serve as a director at Celsius Network Ltd.
According to his resignation letter, he believes his role as CEO has become a distraction. Also, he has worked with the company and advisors to return investors’ assets in the best possible way. He will continue to help the company to work on the plan and make account holders become whole.
Chief financial officer Chris Ferraro has been appointed as Chief restructuring officer and interim chief executive officer (CEO) with immediate effect.
Recently, Celsius shareholders filed a motion to set up an “Official Preferred Equity Committee” to ensure they are adequately represented. Meanwhile, the Unsecured Creditors’ Committee and other key stakeholders work to maximize value for all stakeholders.
Celsius (CEL) Fall 8% After Mashinsky Resignation
Celsius’ CEL token falls over 8% after Alex Mashinsky resigned as CEO of Celsius Network. Traders have recovered some of their losses through CEL short squeeze many times after the firm filed for bankruptcy.
At the time of writing, the CEL token is trading at $1.38. The 24-hour low and high are $1.35 and $1.53.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.