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Celsius CEO Alex Mashinsky Steps Down (wsj.com) 14

Alex Mashinsky -- chief executive and cofounder of bankrupt cryptocurrency lender Celsius Network -- is stepping down. From a report: Mr. Mashinsky submitted his letter of resignation to the Special Committee of the Board of Directors on Tuesday, according to Mr. Mashinsky's law firm "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," Mr. Mashinsky said in his resignation letter.

Mr. Mashinsky launched Celsius in 2017 with two partners, often pitching it as a safer and better alternative than traditional banks. Celsius had the same basic model as a consumer bank -- such as taking deposits and making loans -- though it paid far more on deposits than a federally regulated bank. In less than five years, Celsius grew into one of the biggest crypto lenders, with more than $20 billion in assets at its peak, the company said last year. That all changed when cryptocurrency started plunging this year. In June, Celsius paused all withdrawals and filed for bankruptcy in July, saying that it owed customers nearly $4.7 billion in crypto.

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Celsius CEO Alex Mashinsky Steps Down

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  • by Chrisq ( 894406 ) on Tuesday September 27, 2022 @11:23AM (#62918069)
    Rats and sinking ships come to mind.
    • Re: (Score:3, Funny)

      Actually, he took his golden parachute. He is waiting for the non-compete to expire before he regroups and breathes new life into this synergistic concept, Centigrade® .
      • I see what you did there. Nice. +1
      • Actually, he took his golden parachute. He is waiting for the non-compete to expire before he regroups and breathes new life into this synergistic concept, Centigrade® .

        Unless he re-calibrates, Fahrenheit®

  • by Rosco P. Coltrane ( 209368 ) on Tuesday September 27, 2022 @11:31AM (#62918091)

    Mr. Mashinsky submitted his letter of resignation to the Special Committee of the Board of Directors on Tuesday, according to Mr. Mashinsky's law firm "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," Mr. Mashinsky said in his resignation letter.

    Mr. Mashinsky launched Celsius in 2017 with two partners, often pitching it as a safer and better alternative than traditional banks. Celsius had the same basic model as a consumer bank -- such as taking deposits and making loans -- though it paid far more on deposits than a federally regulated bank. In less than five years, Celsius grew into one of the biggest crypto lenders, with more than $20 billion in assets at its peak, the company said last year. That all changed when cryptocurrency started plunging this year. In June, Celsius paused all withdrawals and filed for bankruptcy in July, saying that it owed customers nearly $4.7 billion in crypto.

    There ya go. All you need to know is in bold. That should save you a bit of time.

  • When you step down from a sky in the pie cloud imaginary bullshit made up "currency" designed to povertise the stupid technically illiterate easily techzazzled poor dumdums, what do you step down into? Straight into hell or do you take a brief stopover in Heathrow? Intepol escort or no Interpol escort? DuucheKuan SaulGood here, we not on da Run, we just chillin' piñacollusions!
  • by backslashdot ( 95548 ) on Tuesday September 27, 2022 @12:59PM (#62918301)

    couldn't take the heat?

  • It's all a scam!

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