{"id":67768,"date":"2022-09-27T18:19:18","date_gmt":"2022-09-27T15:19:18","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=67768"},"modified":"2025-09-07T08:25:24","modified_gmt":"2025-09-07T05:25:24","slug":"alex-mashinsky-resigns-as-celsius-network-chief-executive","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/alex-mashinsky-resigns-as-celsius-network-chief-executive\/","title":{"rendered":"Alex Mashinsky resigns as Celsius Network chief executive"},"content":{"rendered":"<p>The chief executive of the crypto-lending platform Celsius Network, Alex Mashinsky, has submitted his resignation effective immediately. The news came in a <a href=\\\"https:\/\/www.businesswire.com\/news\/home\/20220927005812\/en\/Celsius-Network-CEO-Submits-Letter-of-Resignation\\\">press release<\/a>.<\/p>\n<p>\\n\\n\\n\\n<!--more-->\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;I will stay focused on helping the community unite around a plan that will deliver the best outcome for all creditors. I have been doing this since the company filed for bankruptcy,\\&#8221; Mashinsky said.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>Celsius, one of the largest centralized lending platforms, offered retail clients the chance to earn passive income on crypto assets. Company representatives compared this product to high-risk savings accounts at banks. Subsequently, the company ran into regulatory troubles.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>In June the crypto-lending platform <a href=\"https:\/\/u1f987.com\/en\/news\/celsius-token-plunges-50-amid-withdrawal-suspension\">paused<\/a> withdrawals, exchanges and transfers between accounts. Later <a href=\"https:\/\/u1f987.com\/en\/news\/gap-in-celsius-network-balance-sheet-amounts-to-2-85-billion\">a hole in its balance sheet<\/a> was found worth $2.85 billion.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>In July, Celsius and some affiliated entities <a href=\"https:\/\/u1f987.com\/en\/news\/celsius-files-for-bankruptcy-protection\">filed for bankruptcy<\/a> under Chapter 11 of the U.S. Bankruptcy Code.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>The platform <a href=\"https:\/\/u1f987.com\/en\/news\/celsius-unveils-plan-to-reorganise-the-company-creditors-to-be-paid-from-mining-subsidiarys-profits\">presented a plan to reorganize the business<\/a>, oriented toward using the income of the mining subsidiary to satisfy creditors\u2019 claims.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>In August, the U.S. Trustee&#8217;s Office <a href=\"https:\/\/u1f987.com\/en\/news\/u-s-authorities-raise-numerous-questions-for-celsius-network-leadership\">said<\/a> there were \u201cnumerous issues\u201d with the company&#8217;s leadership. Earlier, the Financial Times <a href=\\\"https:\/\/forklog.news\/smi-celsius-poteryala-milliony-dollarov-iz-za-vmeshatelstva-ceo-v-torgovlyu\/\\\">\u0441\u043e\u043e\u0431\u0449\u0438\u043b\u0430<\/a> \u043e \u0432\u043c\u0435\u0448\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u0435 Mashinsky in implementing the trading strategy, which cost \u201cmillions of dollars\u201d.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>In September, Mashinsky unveiled <a href=\"https:\/\/u1f987.com\/en\/news\/media-reports-that-celsius-ceo-plans-to-revive-the-company\">a plan to rescue the company from bankruptcy<\/a>, according to media reports.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>In the same month, the company filed for the sale of stablecoins.<\/p>\n<p>Earlier, ForkLog reported that Celsius <a href=\"https:\/\/u1f987.com\/en\/news\/celsius-weighs-wrapped-token-issuance-to-repay-debt\">is considering<\/a> issuing wrapped tokens as part of the platform\u2019s restructuring plan.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The CEO of the Celsius Network crypto-lending platform, Alex Mashinsky, has submitted his resignation, effective immediately.<\/p>\n","protected":false},"author":1,"featured_media":67769,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1348],"class_list":["post-67768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-celsius-network"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=67768"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67768\/revisions"}],"predecessor-version":[{"id":67770,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67768\/revisions\/67770"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/67769"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=67768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=67768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=67768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}