Crypto: Everything is really bad for Celsius

Ever since crypto lending firm Celsius went bankrupt in July, it’s been in the news a lot. On the one hand, there are its creditors who are claiming their funds amounting to 1.9 billion dollars. On the other hand, there are its executives who resign. Last month, Alex Mashinsky resigned as CEO. Now it’s Daniel Leon, the company’s other co-founder, who is submitting his letter of resignation. What’s going on ?

The waltz of resignations in the crypto industry

Daniel Leon and Alex Mashinsky established crypto lending company Celsius in 2017. On September 27, Mashinsky filed his resignation letter. He explained in the document that his role as CEO was “become a growing distraction“. Daniel Leon decided to follow in the footsteps of his collaborator. He left the position of chief strategy officer he held within the company. Now, the crypto industry totals at least 8 executive resignations in recent months.

Celcius Network: No more resignations, The co-founder resigns?

Indeed, various executives working in major crypto companies have left their positions this year. For example, Michael Saylor, Jesse Powell, and Brett Harrison left their president positions at MicroStrategy, Kraken, and FTX US, respectively. Michael Moro also resigned while CEO of Genesis. There’s also Matthew Ballensweig, who recently stepped down as CEO of Genesis.

Daniel Leon’s position at Celsius will now be filled by Lior Koren. According to CNBC, the new manager will work from Israel. You should know that he held the position of global tax director within the company. That said, Celsius is currently trying to restructure itself financially. An auction of the company’s assets is scheduled for October 20. It appears that Sam Bankman-Fried, CEO of FTX, is among those interested in these assets.

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