Alex Mashinsky Quits As CEO Of Celsius Network

Celsius Network has seen its founder and CEO Alex Mashinksy tender his resignation as of this morning. His departure amid the current process of restructuring marks yet another high profile executive within the crypto industry leaving their role.

Mashinksy’s resignation was reportedly tender to the Special Committee of the Board of Directors, with his departure to be effective immediately. In concert with his resignation, he has also tendered his resignation for each of the firms direct and indirect subsidiaries, in both directorships and other roles. The one exception to this is Celsius Networks Ltd, of which he will remain as a director.

“I elected to resign my post as CEO of Celsius Network today. 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,” said Mashinsky in connection with his resignation.

“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,” he continued.

READ: Celsius Looks At Selling US$23 Million In Stablecoin Holdings For Its Bankruptcy Process

Mashinsky closed out his resignation letter with the comment that he is committed to assisting the company with developing a viable plan to return coins to creditors in what is the “fairest and most efficient way.”

It is currently unclear however how involved Mashinsky will be now that he no longer helms the company. A replacement for the role was not named by the firm, with Mashinsky also not disclosing whether he would remain involved within the crypto industry.

Unrelatedly, FTX.US President Brett Harrison also tendered his resignation this morning, marking two high-profile executives to leave their roles at their respective firms within the same day. At the same time, Do Kwon, founder of failed cryptocurrency Terra, has seen a red notice issued by Interpol for his arrest while he claims that he is not in hiding.

Information for this briefing was found via Celsius and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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