Celsius CEO Alex Mashinsky resigns CEL tanks
Categories: Crypto News
CelsiusCEO Alex Mashinsky resigns; CEL tanks
CelsiusNetwork CEO Alex Mashinsky resigned from his position at the strugglingcrypto lender on Sept. 17.According to a Sept. 27 press statement, Mashinkysaid he is resigning his position to focus on a plan that would provide thebest outcome for creditors. He continued that he is “willing and availableto continue to work with the Company and their advisors to achieve a successfulreorganization.”
Mashinskywas accused of promoting false information about the safety of users’ fundswhen the crypto lender was on the brink of bankruptcy.
Celsiusimmediately announced the appointment of Chris Ferraro as the ChiefRestructuring Officer and Interim Chief Executive Officer. Ferraro hadspent 18 years at JPMorgan Chase, serving in different capacities before beingappointed the Chief Financial Officer at Celsius.
Celsius’ CELtoken tanked 7.5% on the one-hour candle as of 14:49 UTC on the back of thenews. As of press time, the token was trading at $1.37.
Celsius wasone of the first crypto companies to show signs of trouble after Terra’simplosion. The firm first froze withdrawals in June before filing forbankruptcy in July.