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. , Celsius Network officially filed for bankruptcy in mid-July, which happened just a month after the company unexpectedly froze withdrawals and caused a market panic. Mashinsky confirmed that the company had a $1.2 billion hole in its balance sheet.
Celsius Network owes half a million credits roughly $5 billion. It managed as much as $12 million worth of customers' funds as of May. Earlier this month, Vermont regulators accused the company of misleading investors about its financial health. The company was allegedly sitting on"catastrophic" losses despite claiming that it was profitable.
Machinsky founded Celsius back in 2017, interest-bearing accounts for retail users. Last month, the Financial Times reported that the Israeli-American entrepreneur took control of the company's trading strategy several months before the bankruptcy.
CelsiusNetwork I can t get whyy influencers masking this from us
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