Bankrupt Celsius Network's CEO Resigns

C

hief Financial Officer Chris Ferraro has been appointed as chief restructuring officer and interim CEO with immediate effect.

On Tuesday, a New York law firm released a press release stating that the CEO of crypto lender Celsius Network, Alex Mashinsky, has submitted his letter of resignation to the company's Board of Directors.

Mashinsky stated, "I resign as CEO of Celsius Network today." He went on to say that even though he is resigning his post, he will continue to work with the community and help them come up with a plan that gives the best possible outcome for all creditors.

Celsius, like other crypto companies, succumbed to the pressures of this year's bear market. Following the collapse of the Terra ecosystem, which saw $40 billion in value evaporate in May. In June, Celsius halted withdrawals before filing for bankruptcy one month later.

Following the announcement, Celsius' CEL token is trading 8% lower.

Jonathan

An editor at Coincrop

View articles

Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.