Celsius co-founder resigns following CEO

Company representatives have confirmed that Daniel Leon has left his post and is no longer part of the organization

05.10.2022 - 14:00

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What’s new? On October 4, Daniel Leon, co-founder and chief strategy officer of bankrupt crypto lending platform Celsius Network, tendered his resignation. This came a week after the departure of CEO Alex Mashinsky. Speaking to Bloomberg, Celsius representatives confirmed that Leon has left his position and is no longer part of the company.

Bloomberg material

What else does the publication report? Leon met Mashinsky in 2017 in New York. That's when they decided to work together and founded Celsius. In a September 5 court filing, Leon said he owned 32 600 shares of the company.

Celsius situation. Celsius froze client funds in June, citing unfavorable market conditions, and filed for bankruptcy on July 13. Shortly before leaving office, Mashinsky presented a plan to restructure Celsius into a custodial platform.

It also became known that Mashinsky had withdrawn $10 million from the company several weeks before client funds were frozen. The former head of the company explained that he and his family kept $44 million in cryptocurrency in Celsius.

On October 20, the company will hold an auction to sell its assets. Bloomberg reported that the head of the cryptocurrency exchange FTX Sam Bankman-Fried is going to take part in it.

To find out what led to the collapse of Celsius, one of the largest cryptocurrency lenders, see GetBlock Magazine's article.

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