Celsius Network’s $CEL Plummets 10% After Its CEO Alex Mashinsky’s Resignation

Sept 28,2022
Celsius Network’s $CEL Plummets 10% After Its CEO Alex Mashinsky’s Resignation
  • Alex Mashinsky, CEO of the data encryption lending platform Celsius Network, has resigned.
  • Charles Ferraro, the company's chief operating officer, was selected as the next CEO of Celsius Network
  • Mashinsky's resignation had a negative impact on the price of the local token CEL, which fell by 10% in the last hour.

On Tuesday, Alex Mashinsky, CEO of the embattled data encryption borrowing platform Celsius Network, submitted his resignation application to the shareholders' meeting of the company.

The news of Masinski's resignation had a negative impact on the representative price, and its value fell by nearly 10%.

By the time of submission, USD CEL had dropped 6% to close at USD 1.38.

Alex Mashinsky, CEO of Celsius Network, resigned

In the official press release announcement, Masinski stressed that her position at Celsius had already "increasingly diverted attention", leading to her resignation as CEO of the company. The former CEO further added that he would once again apply all the efforts of the company and apologized for the "difficult business situation" faced by his company at this stage.

"From now on, please accept my resignation as CEO of Celsius Network Ltd., and that I am still an executive director of its direct and indirect subsidiaries and other positions, but I am not an executive director of Celsius Network Comparison Co., Ltd. I am sorry that my continued role as CEO has increasingly decentralized my focus, and you are very sorry for the difficult operation of our community members." The letter says

The statement further added that Masinski would still help the company clearly put forward the best plan and help the company get rid of the current financial crisis.

Masinski wrote in his letter: "Since the suspension, I have been unremittingly assisting the company and the consultant to clearly propose a practical plan, so that the company can use the most fair and effective method to return money to the debtor. I focus on assisting the company to enrich and promote this plan again, which can help account holders become more and more detailed."

This letter and statement reflect Masinski's position, that is, to assist the company to formulate a reasonable repair plan and give the best conclusion to all debtors

"Even so, I will continue to focus on helping the community unite and apply a plan to provide the best process for each debtor, which I have been doing since the company declared bankruptcy. I firmly believe that if Lupsie people unite and help UCC formulate the best repair plan, everyone will get more. I still want to and am ready to cooperate with Comp again. Any company and consultant need to complete Successfully reassembled. " The statement goes on to say

Chris Ferraro, a new interim CEO of Celsius Network

In a recent news report announcement, Celsius Network announced the appointment of Chris Ferraro as a new top recombination officer and interim CEO of the company

Ferraro was previously elected as the chief operating officer of the company, and has accumulated reliable experience in dealing with the company's strategic financial process. According to a new statement, Ferraro has worked with Morgan Bank for 18 years, and has held various positions from the head of financial policy and management around the world to the head of accounting in retail banks.

"The Special Committee is grateful to Alex for his selfless dedication to the company and his tireless efforts to help the company reorganize. We look forward to the company's collaboration with the unsecured creditors' committee and other important stakeholders again under the leadership of Charles, and to the completion of an all-round and rapid reorganization to maximize the use of all profits." Published by David Barce and Alan Cars, members of the Celsius Special Committee

CEL fell 10% after Alex Mashinsky left

The token $CEL of Celsius Network responded negatively to the CEO's resignation. The sudden resignation caused the token price to drop, and the early transaction price was $1.53.

After Masinski's resignation was all the rage, the price of tokens fell significantly.

As of the time of submission, the token price was $1.35, down 6.92% in the past 24 hours