Alex Mashinsky, who started cryptocurrency lending firm Celsius Network in 2017 yesterday quit the firm. He said that his work became an ‘increasing distraction.’ It must be noted that on July 13, 2022 the firm filed for bankruptcy due to ‘extreme’ market conditions.
‘Letter of Resignation’ by Alex Mashinsky
Mashinsky submitted his letter of resignation, effective immediately to the Special Committee Of the Board of Directors of Celsius Network Ltd, apart from his directorships and other positions at each of its direct and indirect subsidiaries, with the exception of his director position at Celsius Network Ltd.
On September 27, 2022 Mashinsky wrote in his resignation letter, “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.”
He further added “I believe we all will get more if Celsians stay united and help the UCC with the best recovery plan. I remain willing and available to continue to work with the Company and their advisors to achieve a successful reorganization.”
Moreover, he added that he worked tirelessly to help the firm and its advisors, and also placed an executable plan for the firm to return coins to creditors in the most reasonable and efficient manner.
Lastly he stated that he is committed to helping the firm continue to flesh out and promote that plan, in order to help account holders become whole.
