Celsius Network has seen months of turmoil as the company halted operations, was hit with lawsuits and filed for bankruptcy in the United States. Now, its CEO and founder Alex Mashinsky submitted his letter of resignation, according to a press release.
The resignation will be enforced “effective immediately”, and the Celsius Network CEO will also abandon his position within the company’s “direct and indirect subsidiaries. Mashinsky will continue working as director of Celsius Network Ltd.
In the future, the executive claims that he will focus his attention on “working with the community” and come up with a plan to provide the best results for its creditors. The company filed for bankruptcy in July 2022, and since then has been working on a plan to resume operations.
Mashinsky claims that the community will benefit from “staying united” around the financial recovery plan, saying that he will work with the company to “achieve a successful reorganization”. In his letter of resignation, the executive said:
I regret that my continued role as CEO has become an increasing distraction, and I am very sorry about the difficult financial circumstances members of our community are facing. Since the pause, I have worked tirelessly to help the Company and its advisors put forward a viable plan for the Company to return coins to creditors in the fairest and most efficient way. I am committed to helping the Company continue to flesh out…
