Celsius CEO Alex Mashinsky Steps Down

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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