Alex Mashinsky steps down as Celsius CEO

  • In Business
  • 2022-09-28 04:06:23Z
  • By Forkast News

Alex Mashinsky, the chief executive officer of cryptocurrency lender Celsius Network LLC which has filed for bankruptcy, has resigned from his position, according to a statement released by the company on Tuesday.

See related article: Regulator alleges Celsius resembled Ponzi scheme in new filing

Fast facts

  • The company's chief financial officer, Chris Ferraro, has been appointed as interim CEO and as chief restructuring officer effective immediately.

  • "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," Mashinsky said in the statement.

  • The Official Committee of Unsecured Creditors, a group of former Celsius customers representing other customers through the company's bankruptcy proceedings, had asked for Mashinsky's resignation. The Committee had also indicated that they may sue Mashinsky for any damages they believe he owes them personally, according to a statement filed Tuesday in bankruptcy court.

  • CEL, the platform's native token, initially fell 7.5% following the news, but regained most of that ground in the hours since. It was trading 0.1% down at US$1.50 at 12 noon Hong Kong time, according to CoinMarketCap.

  • Celsius filed for Chapter 11 bankruptcy in the Southern District of New York in July, after freezing transactions on its platform in June, as one of a host of crypto firms caught up in the contagion caused by the multibillion collapse of the algorithmic stablecoin Terra-LUNA.

  • Mashinsky and fellow executive Oren Blonstein recently said they were planning on reorganizing the company as a cryptocurrency custody business, according to leaked audio from a company meeting earlier the month.

See related article: Celsius CEO Alex Mashinsky floats restructuring as custody business amid bankruptcy proceedings


More Related News

REPLAY: Invest a Slice of Airbnb
REPLAY: Invest a Slice of Airbnb's Best Rentals: Fireside Chat with reAlpha CEO, President

IPO Edge and the Palm Beach Hedge Fund Association hosted a fireside chat with reAlpha to discuss the company's business model and points of differentiation,...

Amazon CEO Jassy Says US Shoppers Are Still Bargain-Hunting
Amazon CEO Jassy Says US Shoppers Are Still Bargain-Hunting

(Bloomberg) -- Inc. Chief Executive Officer Andy Jassy said buying behavior was still muted as shoppers looked for deals during the Thanksgiving...

One of the only solvent members of Sam Bankman-Fried
One of the only solvent members of Sam Bankman-Fried's fallen crypto empire is contributing $175 million to FTX bankruptcy proceedings, report says

LedgerX, which is a digital currency futures and options exchange, could transfer the money as early as Wednesday, sources told Bloomberg.

FTX's LedgerX to Make $175 Million Available for Bankruptcy Pot

(Bloomberg) -- LedgerX -- one of the few corners of Sam Bankman-Fried's crumbled crypto empire that remain solvent -- is preparing to make available $175...

Faraday Future appoints Xuefeng Chen as global CEO
Faraday Future appoints Xuefeng Chen as global CEO
  • US
  • 2022-11-28 23:45:06Z

Chen, who was most recently the CEO of the company's China division and has spent nearly two decades in the automotive industry, succeeds Carsten Breitfeld, ...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


Top News: Business