Celsius’ CEL Price Drops 10% After CEO Announces Stepping Down

Alex Mashinsky to step down immediately 

Crypto lender Celsius is not having a good year to say the least. Multiple events have led the company to declare Chapter 11 bankruptcy in New York. New events in the ongoing drama that is the Celsius bankruptcy have emerged with the CEO Alex Mashinsky announcing his stepping down from his position effective immediately.

“Effective immediately, please accept my 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 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 and promote that plan, in order to help account holders become whole.”

The company filed for Chapter 11 earlier this year as leveraged bets made at the height of the bull market started to fail and customers were left bereft of  $4.7 billion. The withdrawals of customers was paused in June as the company used the excuse of “volatile market conditions”

Read Also: Celsius Bankruptcy Hearing Continues

Mashinsky had previously brought up an idea of introducing a new crypto wallet that would have charged certain fees for transactions; many employees were very skeptical of the idea. Celsius has indeed tried many methods to bring itself out of the hole that it currently resides in but so far nothing has been quite efficient enough.

After stepping down the price of CEL the native token for Celsius took another 11% drop to a low of $1.45 currently marking the lowest price for the token since September 9.

Celsius has been battling for its life since the beginning of this year and things seem to continue to move into the negative, the process is not over and the team at Celsius is still committed to building and moving forward, though he has stepped down Mashinsky has stated that he too is committed to aiding in the company moving forward.


Leave a Reply