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.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Adam Morgan is The Block’s markets reporter. He has been based in London for the past year, initially freelancing and working for a start-up there before beginning a fellowship at Business Insider. He Tweets @AdamMcMarkets