bankrupt cryptocurrency credit platform Celsius (CEL) Daniel Leon, co-founder and chief strategy officer, has resigned, according to information from sources close to the company.
Bankrupt Cryptocurrency Lender Celsius Loses Another Chief Executive And Co-Founder
Leon’s departure was announced today. Leon’s departure, CEO of the company Alex MashinskyIt took place a week after he submitted his resignation letter.
The letter stated that Lior Koren, who was previously the company’s global tax director, has taken over and will operate outside of Israel.
Based in Hoboken, New Jersey, Celsius is launching crypto and bitcoin It made headlines after freezing client accounts during a downturn and an industry-wide liquidity crisis.
Prior to the account freeze, Celsius was one of the largest crypto lending platforms, with more than $8 billion in loans to clients and nearly $12 billion in assets under management.
The firm attracted 1.7 million customers by offering high returns of up to 17% on crypto deposits.
Behind the scenes, Celsius was lending client funds to hedge funds and other funds willing to pay an even higher return. He was also investing in other high-risk cryptocurrency projects, according to the documents obtained.
The company’s former CEO, Alex Mashinsky, founded Celsius in 2017, and the firm had a valuation of $3 billion by the end of 2021. The firm filed for Chapter 11 bankruptcy on July 18 and has been involved in legal proceedings ever since.
*Not investment advice.
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