Bankrupt Cryptocurrency Lender Celsius CEO Alex Mashinsky Steps Down


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According to his law firm, Mashinsky submitted his resignation letter to the special committee of the board of directors.

Alex Mashinsky, CEO and co-founder of bankrupt cryptocurrency lender Celsius Network LLC, announced his resignation on Tuesday.

According to his law firm, Mashinsky submitted his resignation letter to the special committee of the board of directors.

“I regret that my continued role as CEO has become an increasing distraction, and I am truly sorry for the difficult financial circumstances that members of our community are facing,” Mashinsky said in his resignation letter.

Mashinsky founded Celsius with two partners in 2017, positioning it as a safer and better alternative to traditional banks.

Celsius used the same fundamental business strategy as a consumer bank, taking deposits and making loans, but paid significantly more on deposits than a federally registered bank.

Celsius has become one of the largest crypto lenders in less than five years, with over $20 billion in assets at its peak, according to the company’s statement last year.

Everything changed after the cryptocurrency market implosion this year. Celsius halted all withdrawals in June and declared bankruptcy in July, saying it owed users around $4.7 billion in cryptocurrency.


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