Alex Mashinsky, CEO of Celsius Network has resigned, cashing out more than 82000 CEL tokens which at time of this article, amount to around $122,000. Celsius is now a bankrupt lender in world of cryptocurrencies but the company still has hopes. It has appointed their CFO as Chief Restructuring Officer and Interim CEO to bring the Celsius Network back on track.
Some twitter users are saying that Alex Mashinsky should have resigned months back when things were not going as planned – the start of crypto winter, not during crypto winter.
Cryptocurrency is still a very young industry and a lot of individuals who got their job in past couple of years are already getting fired due to sharp crash in prices of various crypto assets. Celsius Network was not expected to fall like this though as it was a public listed company and did very well during the boom period.
There is a lot going on and these crypto companies are trying to deal with crypto winter with more depressed prices. With stock market struggling to go up, crypto market is also facing hard time maintaining a uptrend after any proper bounce.
That said, crypto market has done much better than stocks ever since it had a local bottom in June 2022.
I am from Brisbane, Queensland and I hold post of Associate Editor at Cryptocoindaddy.