Celsius Network’s $CEL falls 10% as CEO Alex Mashinsky resigns

Alex Mashinsky, the CEO of the troubled cryptocurrency lending platform Celsius Network, tendered his resignation to the company’s board of directors on Tuesday.

In the official press release statement, Mashinsky said that his role as CEO of Celsius had become a “growing distraction,” prompting his resignation. The former CEO stated that he would continue to assist the company in all its endeavours and apologised for the “tough financial conditions” it is suffering at now.

“Please accept my immediate resignation as CEO of Celsius Network Ltd., as well as my directorships and other positions at each of its direct and indirect subsidiaries, with the exception of my director position at Celsius Network Ltd. I regret that my prolonged employment as CEO has become a greater source of distraction, and I am very sorry for the severe financial situations our community members are enduring. This letter states:

The statement went on to say that Mashinsky will continue to assist the company in putting out its best strategy and overcoming its present financial problem.

“Since the halt, I have worked relentlessly to assist the firm and its advisers in developing a credible strategy to restore coins to creditors in the most equitable and efficient manner possible. I am dedicated to assisting the firm in developing and promoting this strategy to enable account holders to get whole. Mashinsky wrote in a letter

The letter and the statement mirror Mashinsky’s position on assisting the company in formulating an efficient recovery strategy that would result in the “best possible outcome for all creditors.”

“However, I will retain my emphasis on helping the community unify around a plan that will give the greatest result for all creditors, as I have been doing since the Company filed for bankruptcy.” I feel that if Celts remain together and assist the UCC with the greatest recovery strategy, we will all benefit. The statement continues, “I am ready and available to continue working with the Company and its advisers to accomplish a successful restructuring.”

In a recent news release, Celsius Network announced the hiring of Chris Ferraro as Chief Restructuring Officer and Interim Chief Executive Officer.

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