crypto strategy

Celsius Co-Founder and Chief Strategy Officer Leon Steps Down From Bankrupt Crypto Lender

Oct 4 (Reuters) – Celsius Network co-founder and chief strategy officer Daniel Leon has resigned, the bankrupt crypto lender said on Tuesday, joining a wave of executive departures from embattled digital asset companies.

The announcement comes a week after chief executive Alex Mashinsky resigned. Leon’s departure was first reported by CNBC.

Hoboken, New Jersey-based Celsius filed for Chapter 11 bankruptcy in July, a month after freezing withdrawals citing extreme market conditions.

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Lenders such as Celsius boomed along with the rise in popularity of major cryptocurrencies like Bitcoin, as they offered much higher interest rates than traditional banks and easy access to loans.

However, the collapse of terraUSD and luna digital tokens, coupled with a challenging macro environment, tested their business model and eroded customer optimism.

Voyager Digital Ltd, another major US crypto lender, also filed for bankruptcy in July.

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Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri

Our standards: The Thomson Reuters Trust Principles.

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