Alex Mashinsky, CEO of crypto lender Celsius, resigns from his position

In a statement, Mashinsky said, “I regret that my continued role as CEO has become an increasing distraction, and I am deeply sorry for the difficult financial The circumstances our community members are facing,” Reuters reported.

In addition, Mashinsky said he is committed to helping the company develop and promote a return plan. Deposit for customers.

Mashinsky worked at JPMorgan Chase & Co for nearly 18 years prior to Celsius.

In July, Celsius initiated voluntary Chapter 11 proceedings to provide the company with the opportunity to stabilize its business and complete a comprehensive restructuring transaction that maximizes value for all stakeholders.

The cryptocurrency lender halted its withdrawals and transfers for about 1.7 million customers in June due to highly volatile market conditions.

As of July 13, 2022, Celsius has approximately $5.5 billion in liabilities, and an asset value of approximately $4.31 billion. Due to which there is a loss of $1.19 billion on the company’s balance sheet.

In the latest update about the proceedings, on September 15, Celsius said, “Celsius is working with the Unsecured Creditors Committee and the US Trustees to make meaningful progress on our efforts to maximize value for all customers and ensure continued transparency in our case.” Connecting creatively.”

Celsius’ next court hearings are scheduled for October 6 and October 7, 2022. The first of these hearings will focus on a range of matters, including approval of some key elements of the claims process. At the October 7 hearing, the crypto lender hopes to advance discussions about reopening withdrawals for some of its Custody and Withhold account holders with other stakeholders.

Alex Mashkinsky and S. Daniel Lyons co-founded Celsius in 2017. The New Jersey-headquartered crypto lender has offices in four countries and operates globally. The company provided the facility for investors to lend and borrow in cryptocurrencies.