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Celsius Network Boss Alex Mashinsky Resigns as CEO

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CEO Celsius Network, Alex Mashinsky, has submitted his resignation letter to the company’s board.

Celsius Network is one of the crypto entities that felt the cold hands of Crypto Winter, when the bear market and the collapse of Terra created a wave of defaults in the crypto space. The company has struggled to recover since filing for bankruptcy. Nevertheless, it seems the boss of the beleaguered lender has decided to quit.

Alex Mashinsky, President and CEO of Celsius Network presented his resignation letter to the special committee of the company’s board on Tuesday.

Mashinsky seeks to relinquish his leadership positions at the company and all other positions at all Celsius Network affiliates, in addition to stepping down as CEO. Nevertheless, he states that he wants to retain his position as director of Celsius Network Ltd.

Mashinsky mentioned that he believes his position as CEO remains disruptive. He further stated that his departure would not end his contribution to the company’s growth, as he would be available to assist the team in developing recovery plans.

Celsius Network’s bankruptcy filing revealed that the lender has more than 100,000 creditors, including Sam Bankman-Fried’s Alameda Research. Mashinsky said he will continue to work with the company to reach a favorable outcome for creditors.

Below is a copy of Mashinsky’s resignation letter:

“Effective immediately, accept my resignation as CEO of Celsius Network Ltd as well as my directorship and other duties… I regret that my continuing as CEO has become more and more of a distraction and I am very sorry for the difficult financial situation of the members. our communities meet.”

Remember that Celsius Network suspended account withdrawals on June 13, citing unfavorable market conditions. A month later, the crypto lender filed for Chapter 11 bankruptcy with about $167 million in cash.

Crypto Basic previously reported investment bank Goldman Sachs’ stake in Celsius Network. In June, before the company filed for bankruptcy, Goldman Sachs said it would raise $2 billion to buy Celsius Network’s assets in the event of a bankruptcy filing.

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