In his resignation letter, he expressed regret that his role as CEO 'has become an increasing distraction' Read more here 👇
His departure comes almost four months after the crypto lender suddenly suspended withdrawals — leaving thousands of customers locked out of their life savings."I will continue to maintain my focus on 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."
Current chief financial officer Chris Ferraro has now been promoted to chief restructuring officer, and will serve as interim CEO.It's now emerged that Mashinsky was facing pressure to step down from the official committee of unsecured creditors, representing Celsius users who remain out of pocket. Mashinsky's handling of Celsius, and subsequent bankruptcy proceedings, have attracted scrutiny and criticism at times.
Critics have stressed that this was unsustainable — and simply too good to be true considering how low normal interest rates were at the time.
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