"I elected to resign my post as CEO of Celsius Network today," said Mashinsky. "Nevertheless, 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," he added.
Celsius was one of the first in a long list of crypto companies that succumbed to the pressures of this year's bear market. The lender began to feel the squeeze following the collapse of the Terra ecosystem, which saw $60 billion in value evaporate in May. Celsius acted by freezing withdrawals in June before filing for bankruptcy one month later.
The Official Committee of Unsecured Creditors, a group of former Celsius customers acting as liaisons for the company's bankruptcy case, said it had asked for Mashinsky's removal from the company.
"The Committee believes, based upon the information it has reviewed, that Mr. Ferraro is capable of overseeing the Debtors'...
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