CEO of Crypto Lender ‘Celsius Network’ Resigns

Alex Mashinsky has made the decision to resign from his position as CEO of Celsius Network.

“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,” Mashinsky wrote in a resignation letter.

Mashinsky founded Celsius Network in 2017 and soon achieved major cryptocurrency lender status. However, the “difficult financial circumstances” he referred to in his letter was the implosion of the cryptocurrency market in June, which ultimately led Celsius to file for bankruptcy.

According to Forbes, Celsius had 1.7 million customers of which they owed nearly $4.7 billion in crypto at the time they filed for bankruptcy.

Chris Ferraro has been appointed as interim CEO and chief restructuring officer, previously serving as the firm’s chief financial officer. Prior to Celsius, Ferraro spent nearly two decades working in various roles at JPMorgan Chase & Co.

Mashinsky’s announcement of resignation, made on Tuesday, is effective immediately.