Celsius CEO Alex Mashinsky Resigns Amid Tumultuous Bankruptcy Proceedings

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On Tuesday, September 27, 2022, Alex Mashinsky, CEO of Celsius Network, submitted a letter of resignation from the company. Mashinsky said he still plans to help the beleaguered crypto lender “achieve a successful restructuring”.

Alex Mashinsky resigns from crisis-hit Celsius – founder apologizes for ‘difficult financial conditions’

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The company filed for Chapter 11 bankruptcy protection a month later, after Celsius halted withdrawals on June 12, 2022. More recently, leaked audio from Celsius executives suggested that the company may be trying to take advantage of IOU crypto to pay back investors. Three days after that report, Celsius Network CEO Alex Mashinsky told the public Press release that he has resigned from his post.

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“Effective immediately, please accept my resignation as CEO of Celsius Network Ltd., as well as my resignation as director and other positions in each of its direct and indirect subsidiaries,” Mashinsky said in a statement. Released on Tuesday. “I regret that my continued role as CEO has become an increasing distraction, and I am deeply sorry for the difficult financial circumstances that members of our community are facing.”

The founder of Celsius said:

Since the break, I have worked tirelessly to help the Company and its advisors present a viable plan for the Company to return the coins to creditors in the most reasonable and most efficient manner. I am committed to helping the Company advance and promote that plan to help account holders become whole.

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Cryptocurrency lender Celsius is dealing with ongoing bankruptcy proceedings as several creditors are itching to recover losses. During the first week of September, the company sought to reopen withdrawals to select customers, and last week a court-appointed examiner was added to the case through the crypto lender’s financial paperwork.

What do you think about the resignation letter of Alex Mashinsky, CEO of Celsius? Let us know what you think about this topic in the comment section below.

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Credit : news.bitcoin.com

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