Celsius CEO Alex Mashinsky filed a resignation letter months after the cryptocurrency lending and trading platform filed for Chapter 11 bankruptcy protection.
Mashinsky’s resignation takes effect immediately, but in the press release he specifies that he will continue to help the company deliver the “best result” to creditors.
“I am sorry that my continued role as CEO has become a growing distraction and I am very sorry for the difficult financial circumstances that members of our community are facing,” he wrote in the letter.
“I worked tirelessly to help the Company and its advisors come up with a workable plan for Celsius to return the money to creditors in the most equitable and efficient way.”
Celsius was a major player in cryptocurrency lending with over $ 8 billion in customer loans and nearly $ 12 billion in assets under management.
The company lent clients’ cryptocurrencies to counterparties willing to pay sky-high interest rates to borrow them.