Celsius CEO Alex Mashinsky Steps Aside

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  • Celsius CEO Alex Mashinsky is leaving his post, saying he had become an “increasing distraction”
  • Mashinksy is a figure of hate for Celsius victims, who accuse him of not acting in good faith
  • Another leaked video shows Celsius latest revival plan

The CEO of embattled lending platform Celsius has announced that he will step aside. Alex Mashinsky, who has been heavily criticised for his actions during Celsius’ troubled recent months, admitted that continuing in the role had become an “increasing distraction” as the company tries to fight its way out of bankruptcy, although he will stay on as director. Celsius has tried various ways to come back from the brink, with two leaked meetings suggesting plans for a crypto custody offer and issuing new wrapped assets to trade on other platforms.

Mashinsky Realises He’s Getting in the Way

Ever since Celsius filed for administration in June, Mashinsky has been attacked for lying about the health of the platform when it was clearly in trouble. These sentiments have been an unwanted distraction for Celsius as it looks for ways to get back on its feet, and Mashinsky has finally acknowledged this.

In a press release issued yesterday, Mashinsky said that he was stepping down in all positions but director:

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. Since the pause, I have worked tirelessly to help the Company and its advisors put forward a viable plan for the Company to return coins to creditors in the fairest and most efficient way.

Revival Plans Leaked (and Ridiculed) Again

Mashinsky added that he was “committed to helping the Company continue to flesh out and promote that (restructuring) plan, in order to help account holders become whole.” These plans have so far included becoming a crypto custody outfit, a plan that was rejected by creditors, and, most recently, issuing IOU wrapped claims tokens, as revealed in a secret recording of a meeting – the second time such a leak has taken place:

This new suggestion has gone down as well as could be expected by exasperated customers:

It seems that, even with Mashinsky gone, Celsius is going to have to go some in order to get any kind of backing from its customer base, and understandably so.