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Celsius co-founder Daniel Leon follows Mashinsky as crypto exec flight continues

Published on

February 4, 2023
Read Time:1 Minute, 35 Second

S. Daniel Leon, who co-founded Celsius with Alex Mashinsky in 2017, has give up his job because the bankrupt crypto lender's chief technique officer, CNBC reported Oct. 4, citing unnamed sources and an inner memo seen by the outlet turned. Bloomberg later reported Receipt of affirmation of Leon's departure from the corporate. Leon's resignation comes every week after Mashinsky's and is a part of what seems to be a rising pattern.

Celsius filed for chapter on July 13 whereas beneath investigation by six American states and a month after freezing withdrawals. The corporate reportedly had $1.9 billion in debt on the time it declared chapter. Mashinsky resigned on September 27, saying in an announcement, "I remorse that my continued position as CEO has develop into an growing distraction, and I'm deeply sorry concerning the tough monetary circumstances confronted by members of our group. His monetary dealings and dealing with of the corporate's ultimate days of solvency have been the topic of intense scrutiny.

Leon petitioned the US Chapter Court docket to have his 32,600 widespread shares within the firm declared nugatory on September fifth. Celsius Property Provides will to be accepted by October seventeenth, with an public sale scheduled for October twentieth if required. FTX CEO Sam Bankman-Fried was reportedly among the many bidders.

Associated: Celsius chapter proceedings present complexity amid diminishing hope of restoration

Leon has joined a gentle stream of executives exiting the crypto sector because the crypto winter drags on. Some executives, resembling former MicroStrategy CEO Michael Saylor, Kraken CEO Jesse Powell, FTX US President Brett Harrison, Genesis CEO Michael Moro, and CEO Matthew Ballensweig, transitioned into much less seen consulting roles . Others, like former Alameda Analysis co-CEO Sam Trabucco, Ignite CEO Peng Zhong and broke Ashwin Prithipaul, Voyager Digital's Chief Monetary Officer, has fully modified tack.

All of those leaders have left their positions since July.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : February 4, 2023
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