• Crypto Lender Celsius Network filed its Bankruptcy at the beginning of H2 of 2022. 
• The Founder of Celsius Network, Alex Mashinsky, resigned on 27 September 2022.   

A globally popular crypto lender Celsius Network filed its bankruptcy during crypto winters and the volatility of the crypto market. 

Celsius Network filed its bankruptcy on July 13, 2022, and the firm filed bankruptcy under chapter 11 of bankruptcy proceedings in the southern district of New York. 

According to a reliable media report, on October 5, 2022, Daniel Leon, the co-founder of Celsius Network, resigned from his post.   

Bloomberg confirmed the resignation of Daniel after the  official statement of Celsius Network “We confirm that Daniel Leon resigned from his position at Celsius and is no longer part of the organization.”     

In a court filing on September 5, Daniel informed that he is owning 32,600 shares of Celsius common stock.  

FTX US grabbed Voyager Digital’s assets for $1.3 billion through an auction. The founder Sam Bankman-Fried clarified that if his firm considered Celsius’s assets, they would follow the same procedure as Voyager Digital assets. 

Alex Mashinsky resignation 

Earlier, the Chief Executing officer of Celsius, Alex Mashinsky, resigned from the post he was holding; Mashinsky is one of the major members of the Celsius Network as he started the firm in 2017.    

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, except 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 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.” 

Andrew Smith

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.