Alex Mashinsky, the CEO of struggling crypto lender Celsius Network, has stepped down effective immediately, according to a release dated Tuesday."I elected to resign my post as CEO of Celsius Network today, Mashinsky said in a statement. "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.”For some context, Celsius was one of many crypto-related firms that got stung by the market downturn spurred by the multi-billion dollar meltdown in algorithmic stablecoin TerraUST (UST-USD) and its sister token Luna (LUNA-USD). The company was later forced to suspend customer withdrawals in June due to "extreme market conditions" at the time. It didn't take long after that for the high-yielding crypto lender to file for Chapter 11 bankruptcy in New York. CEL tokens, Celsius's native crypto, slid 6.8% to $1.37 in Tuesday morning trading.In mid-September, Mashinsky mapped out a pivot to crypto custody after lending meltdown.
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