Celsius CEO Alex Mashinsky Resigns Amid Troubled Bankruptcy Proceedings – Bitcoin News

On Tuesday, September 27, 2022, Celsius Networks CEO Alex Mashinsky submitted his resignation letter from the company. Mashinsky said he still plans to help the troubled crypto lender “successfully reorganize.”

Alex Mashinsky resigns from Celsius crisis – founder apologizes for ‘difficult financial circumstances’

Celsius After pausing withdrawals on June 12, 2022, a month later the company filed for Chapter 11 bankruptcy protection. Recently, an audio leak from Celsius executives suggested that the company might try using IOU crypto to pay back investors. Three days after that report, Celsius Network CEO Alex Mashinsky announced his resignation in a press conference.

“Effective immediately, please accept my resignation as CEO of Celsius Networks Ltd., as well as my directorships and other positions held by my direct and indirect subsidiaries,” Mashinsky said in a statement. It was released on Tuesday. “I am deeply saddened by the increasingly difficult financial situation that our community members are facing.”

The Celsius founder added:

Since its inception, I have worked tirelessly to help the company and its advisors come up with the right plan to return coins to creditors in a fair and efficient manner. I am committed to helping the company operate and promote that plan to help account holders become whole.

Crypto lender Celsius has been dealing with ongoing bankruptcy proceedings as many lenders are itching to recover from bankruptcy. In the first week of September, the company sought to reopen withdrawals to select customers, and last week a court-appointed investigator was added to the case to comb through the crypto lender’s financial paperwork.

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Alex Mashinsky , Alex Mashinsky CEO , Alex Mashinsky Resigns , Bankruptcy , Bankruptcy Proceedings , Celsius , Celsius Bankruptcy , Celsius CEO , Chapter 11 , Court Appointed Investigator , Creditors , Crypto , Crypto Lender , Cryptocurrencies , Customers , Our appointed investigator

What do you think of Celsius CEO Alex Mashinsky’s resignation letter? Let us know what you think about this in the comments section below.

Jamie Redman

Jamie Redman is the news lead at Bitcoin.com and a financial tech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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