Alex Mashinsky, CEO of embattled cryptocurrency lending platform Celsius, is resigning from his executive position.
Nevertheless, he states he is willing to help the company during its restructuring process.
In an announcement on Tuesday (September 27, 2022), Mashinsky tendered his resignation letter to the Special Committee of the Board of Directors of Celsius Network Limited.
According to the letter, Mashinsky is not only resigning from his CEO position but is also exiting other positions and directorships at different subsidiaries. However, the Celsius boss is maintaining his director position at the company.
An excerpt from Mashinsky’s resignation letter 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…I am committed to helping the Company continue to flesh out and promote that plan, in order to help account holders become whole.”
The resignation is expected to take effect immediately. Mashinsky, in a statement, said:
“I believe we all will get more if Celsians stay united and help the UCC with the best recovery plan. I remain willing and available to continue to work with the Company and their advisors to achieve a successful reorganization.”
Meanwhile, the latest development comes a few months after Celsius filed for Chapter 11 bankruptcy after pausing all withdrawals, swaps, and transfers.
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