Alex Mashinsky, chief exec of Celsius Network, announced on Tuesday in a press release he has resigned from crypto lending firm Celsius Network.
During the company’s ongoing bankruptcy proceedings, Mashinsky pushed for a rebrand and relaunch of Celsius, even going so far as to say it’s “safe in bankruptcy.”
“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,” Mashinsky stated (our emphasis).
Mashinsky resigned citing his continued commitment to “return coins to creditors in the fairest and most efficient way” in order to “help account holders become whole.”
- The Unsecured Creditor Committee (UCC) recently approved an independent probe into Celsius Network’s activities to assess their finances.
- This approval came amidst accusations of Celsius manipulating the price of its CEL token.
- Celsius is being sued by, and is simultaneously suing, one of its former traders, who claims the firm is a Ponzi scheme.
[UPDATE: 4:25 PM UTC]: The UCC had demanded that Alex Mashinky no longer be CEO of Celsius Network prior to Mashinsky’s resignation. Chris Ferraro, current Chief Financial Officer, has been elevated to interim Chief Executive Officer.