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CEO of Struggling Crypto Lender Celsius Tenders Resignation Letter

CEO of Struggling Crypto Lender Celsius Tenders Resignation Letter

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Alex Mashinsky, CEO of the closed cryptocurrency lending platform Celsius, is stepping down from his management position.

However, he states that he is ready to help the company in its restructuring process.

  • In an announcement on Tuesday (September 27, 2022), Mashinsky offered his resignation letter to a special committee of the board of Celsius Network Limited.
  • According to the letter, Mashinsky is not only resigning from his position as CEO, but also from other positions and managers in various subsidiaries. However, Celsius’ boss retains his leadership position in the company.
  • An excerpt from Mashinsky’s resignation letter said:

“I regret that my continued tenure as CEO has become more and more of a distraction, and I deeply regret the difficult financial circumstances our community members are facing… I am committed to helping the company continue to flesh out and advance the plan to help account holders become whole.”

  • The termination is expected to take effect immediately. Mashinsky said in a statement:

“I believe we will all gain more if Celsians remain united and help UCC with the best recovery plan. I remain ready and willing to continue working with the Company and its advisors to achieve a successful restructuring.

  • Meanwhile, the latest development comes a few months after Celsius filed for Chapter 11 bankruptcy after suspending all withdrawals, swaps and transfers.
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