Celsius boss Alex Mashinsky quits amid flood of crypto executive resignations

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Celsius chief executive Alex Mashinsky has quit his job months after the embattled crypto lender filed for chapter 11 bankruptcy in the US, amid a spate of resignations from bosses in the sector in recent weeks.

Mashinskys lawyers said he had submitted his letter of resignation to the companys board on Tuesday, 27 September.

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, he wrote.

READRegulators allege Celsius made false claims to investors over firms financial health

The Celsius cofounders decision to resign comes days after former Kraken CEO Jesse Powell quit his role at the crypto exchange. Alamedas co-CEO Sam Trabucco and Microstrategy boss Michael Saylor have also stepped down from their jobs in recent months.

Also this afternoon, the president of crypto exchange FTX, Brett Harrison, tweeted that he too would leave his job for an advisory role at the company.

He tweeted: This industry is at a number of crossroads. The one that matters most to me, as a financial technologist, is the intersection of the arrival of larger market participants, and the increasing fragmentation and technological complexity of the markets landscape.

The swathe of resignations are not obviously linked, but all come in the wake of cryptos dramatic market crash earlier in 2022. Prices have since stabilized over the summer, but bitcoin remains down nearly 50% for the year, valued at just below $20,000 on 27 September.

Celsius was one of the most high-profile casualties of that crash. The lender paused all withdrawals in June and filed for bankruptcy in July, saying that it owed customers nearly $4.7bn in crypto.

Mashinksy continued that he had worked to 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.

To contact the author of this story with feedback or news, email Alex Daniel

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