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Celsius Network CEO Alex Mashinsky has stepped down from his position at the troubled crypto lending platform, with the resignation effective immediately.
A statement from Celsius, accompanied with Mashinsky’s resignation letter said the ex-CEO informed Celsius’ Special Committee of the Board of Directors of his decision today.
The Celsius Network co-founder also tweeted a link to a press release announcing his exit.
The letter to the special committee reads:
“Effective immediately, please accept my resignation as CEO of Celsius Network Ltd, as well as my directorships and other positions at each of its direct and indirect subsidiaries, with the exception of my director position at Celsius Network Ltd. I regret that my continued role as CEO has become an increasing distraction, and I am very sorry about the difficult financial circumstances members of our community are facing. Since the pause, I have worked tirelessly to help the Company and its advisors put forward a viable plan for the Company to return coins to creditors in the fairest and most efficient way. I am committed to helping the Company continue to flesh out and promote that plan, in order to help account holders become whole.”
Celsius filed for Chapter 11 bankruptcy in July this year following the contagion that started with the collapse of Terra Luna and then Three Arrows Capital – the latter’s $75 million loan from the crypto lender among the reasons it paused customer withdrawals before announcing bankruptcy.
Mashinsky mentioned his role since the events of July, and noted his exit does not mean he’ll not support the recovery 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,” he said.
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