Celsius’s CEO Leaves The Company As It Struggles To Pay Its Debts

Alex Mashinsky, the founder and CEO of failed crypto lender Celsius, has resigned. 

“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 a press release announcing the move. “I believe we all will get more if Celsians stay united and help the UCC with the best recovery plan. 

Mashinsky has a long history of being a contentious and occasionally confrontational character in the cryptocurrency community. The failure of his company earlier this year resulted in increased scrutiny of both its management and business practices.

Celsius provided interest-bearing accounts to retail customers

While Celsius compared them to high-interest bank accounts, authorities have referred to those accounts as unregistered securities in the absence of government deposit protection.

When the cryptocurrency market crashed earlier this year, Celsius halted client withdrawals and filed for bankruptcy, making the enormous discrepancies in the company’s financial sheet public. The company has been in trouble for months despite persistent legal actions to recover debts.

In a statement on his resignation, Mashinsky said:

“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.”

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