Celsius Network Ltd. Chief Executive Officer Alex Mashinsky stepped down from his position at the embattled crypto lender. The company said in a statement that it had appointed Chief Financial Officer Chris Ferraro to the role of chief restructuring officer and interim CEO.
The leadership change represents a major shift for the company, which filed for bankruptcy in July. The company was one of the most notable casualties in this year’s crypto market downturn, which also included crypto lender Voyager Digital Holdings Inc. and hedge fund Three Arrows Capital.
The price of the Celsius token fell 7% to $1.37 following the announcement, according to CoinMarketCap.