Celsius appoints interim CEO as founder Alex Mashinsky resigns

US crypto firm Celsius, which filed for bankruptcy protection in July, has appointed Chris Ferraro as interim CEO after co-founder and CEO Alex Mashinsky announced his resignation on Tuesday.

Ferraro, who was previously chief financial officer (CFO) at the firm, will also become chief restructuring officer (CRO). Prior to Celsius, Ferraro spent nearly 18 years at JP Morgan Chase, serving in various roles including global head of financial planning and analysis and treasurer of the retail bank.

In his letter of resignation, Mashinsky says he remains “willing and available” to work with the company and its advisors to achieve a “successful reorganisation” but says his role as CEO has become an “increasing distraction”.

Celsius suspended withdrawals in June to stabilise liquidity and protect and preserve its assets, citing “extreme market conditions”.

“Since the pause, I have worked tirelessly to help the company and its advisors put forward a viable plan for the company to return coins to creditors in the fairest and most efficient way,” says Mashinsky.

“I am committed to helping the company continue to flesh out and promote that plan, in order to help account holders become whole.”

David Barse and Alan Carr, two new directors appointed to the Celsius board as special committee members at the time the company filed for bankruptcy protection, say they hope “to consummate a comprehensive and expeditious restructuring that maximises value for all stakeholders” under Ferraro’s leadership.