Celsius Network CEO Steps Down, Calls on Clients to 'Stay United'
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27 September

Celsius Network CEO, Alex Mashinsky, is leaving the company just a few months after if filed for bankruptcy. According to a press release, Mashinsky submitted his letter of resignation, effective immediately, to the Special Committee of the Board of Directors of Celsius Network Limited.

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Mashinsky said he would continue to work with the community on a plan that will provide the "best outcome for all creditors." He continued:

"I believe we all will get more if Celsians stay united and help the UCC with the best recovery plan. I remain willing and available to continue to work with the Company and their advisors to achieve a successful reorganization."

Vermont Watchdog Says Celsius Hid Its Financial Status from Investors

Celsius filed for bankruptcy under Chapter 11 of the US Bankruptcy Code in July this year. The company says the restructuring will help it "maximize value for all stakeholders." Celsius owes users more than $4.7 billion.

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