Celsius token's price tumbles after CEO Mashinsky resigns

Quick Take

  • CEO Alex Mashinsky announced his resignation, effective immediately.
  • The Celsius token, CEL, plunged following the news.

The price of celsius (CEL) fell below $1.40 today following the resignation of CEO Alex Mashinsky amid the crypto lender's ongoing bankruptcy case.

CEL was trading at $1.37, down from $1.43 immediately before the announcement, according to data via TradingView. Today's losses mean that CEL is down roughly 25% in the past week, having traded above $1.70 on Sept. 22. 

"I will continue to maintain my focus on working to help the community unite behind a plan that will provide the best outcome for all creditors – which is what I have been doing since the Company filed for bankruptcy,” Mashinsky wrote in his resignation letter. 

Celsius has struggled since the collapse of the crypto market earlier this year, with the firm freezing withdrawals before filing for bankruptcy.

Other crypto lending platforms have filed for bankruptcy over the past few months, with related tokens crashing in the process. Voyager, whose assets FTX won at auction, has seen its token VGX fall from $3 at the beginning of the year to below $0.70 today, amid the tumult. 

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