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CEO of Bankrupt Crypto Lender Celsius Alex Mashinsky Resigns

27 Sep, 20221 min readRegulation
CEO of Bankrupt Crypto Lender Celsius Alex Mashinsky Resigns

Alex Mashinsky—CEO of the bankrupt crypto lender Celsius Network—has submitted a letter of resignation to the company’s Board of Directors, according to a press release from a New York law firm on Tuesday.

“I elected to resign my post as CEO of Celsius Network today,” said Mashinky in a statement. “Nevertheless, I will continue to maintain my focus on working to help the community unite behind a plan that will provide the best outcome for all creditors – which is what I have been doing since the Company filed for bankruptcy.”

In his official letter, Mashinsky said that he regretted how much of a “distraction” his presence had become as the company’s CEO.

“I am very sorry about the difficult financial circumstances members of our community are facing,” he added.

Mashinsky was allegedly responsible for a series of poor trades in early 2022 that precipitated the crypto lender’s downfall.

This is a breaking story and will be updated.

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