CEL Token Plunges as Celsius CEO Resigns
Cryptocurrency

CEL Token Plunges as Celsius CEO Resigns

Alex Mashinsky’s resignation came after the embattled crypto lending firm filed for bankruptcy in mid-July

Alex Mashinsky, chief executive officer of embattled cryptocurrency lending company -Celsius Network has submitted a resignation letter, according to a Tuesday press release. 

The price of the Celsius Network (CEL) token has plunged as much as 10% on the announcement. The cryptocurrency is currently trading at $1.36 on the FTX exchange. 

Mashinsky says that he will remain focused on rallying the community behind a recovery plan following his resignation. He will continue to work with the company during its reorganization process. 

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As reported by U.Today, Celsius officially filed for bankruptcy in mid-July, which happened just a month after the company unepxtedly froze withdrawals.   

The company owes half a million credits roughly $5 billion.

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