Celsius CEO Alex Mashinsky rsigns from bankrupt crypto firm
BNN Bloomberg
Celsius Network Ltd. Chief Executive Officer Alex Mashinsky, who founded the embattled crypto startup and served as pitchman for the sky-high yields it promised to its thousands of investors, is stepping down as the company works its way through bankruptcy.
The Hoboken, N.J.-based company said it appointed Chief Financial Officer Chris Ferraro, a JPMorgan Chase & Co. veteran, to the role of chief restructuring officer and interim CEO.
The leadership change represents a major shift for the company, which filed for bankruptcy protection in July. Celsius was one of the most notable casualties in this year’s crypto market meltdown, which started with the implosion of the TerraUSD algorithmic stablecoin in May and went on to engulf crypto lender Voyager Digital Holdings Inc., hedge fund Three Arrows Capital and others across the industry while handing investors billions of dollars in losses.
Mashinsky, 56, who co-founded Celsius in 2017, said that he will continue “working to help the community unite behind a plan that will provide the best outcome for all creditors – which is what I have been doing since the company filed for bankruptcy,” according to a statement from Cadwalader, Wickersham & Taft LLP, the law firm representing Mashinsky.
