Alex Mashinsky Quits Role as Celsius CEO Amid Bankruptcy

• Alex Mashinsky has decided to retire from his position as Celsius CEO.
• “I am very sorry about the difficult financial circumstances members of our community are facing,” said the leader.
• In his resignation letter, Mashinsky declared that he would remain committed to helping Celsius.

Celsius, the bankrupt crypto lender, has announced that Alex Mashinsky has decided to step down from his position as Chief Executive Officer. The company will now appoint its Finance Chief Chris Ferraro as the interim CEO.

Speaking about stepping down, Mashinsky stated:

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.

Several news agencies have asked Mashinsky about this sudden decision to retire from all of his duties at a time when the company was seeking protection from creditors. However, the former CEO has not commented or given a proper statement to these questions.

According to sources, in his resignation letter, Mashinsky declared that he would remain committed to helping Celsius develop and promote a plan to return deposits to customers.

After its devastating collapse, Celsius Network LLC filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York in July.

Earlier this year, when Celsius, which was one of the world’s biggest digital asset lenders,  announced that it would be suspending all transfers and withdrawals, the crypto world was shocked. The move sent shockwaves through the industry. Following Celsius’ collapse, several crypto companies, such as Three Arrows Capital and Babel Finance, sank. Today, even though the market has recovered from the devastating crypto winter, investors who lost their funds are wondering about the stability of such crypto lending platforms.