Celsius Co-Founder Daniel Leon Calls it Quits

blockchain.news:

The embattled crypto lender Celsius Network Ltd. has lost another top member as co-founder Daniel Leon resigned this week.

The crypto lender that filed for bankruptcy early this year said in a statement Tuesday to Bloomberg News, «We confirm that Daniel Leon resigned from his position at Celsius and is no longer part of the organization.»

His exit comes a week after the company’s CEO, Alex Mashinsky, submitted a letter of resignation last week.

As contained in a Press Release from the company, the resignation letter was handed over to the Company's Special Committee of the Board of Directors.

In his resignation letter, Mashinsky said: «Effective immediately, please accept my resignation as CEO of Celsius Network Ltd, as well as my directorships and other positions at each of its direct and indirect subsidiaries, with the exception of my director position at Celsius Network Ltd. 

CNBC reported, citing an internal email that Lior Koren, previously the company’s global tax director, is taking over and operating out of Israel.

Celsius went into bankruptcy after leaving thousands of investors in limbo. The company has also made risky bets prior to the fall of cryptocurrency prices. In July, the company disclosed a $1.19 billion deficit.

In a recent update, the judge governing the bankruptcy case appointed an external examiner to look into allegations of misconduct against the company and its management.»

Celsius' business model was built in a way to challenge traditional banks. It allowed people to invest in their crypto coins and receive interest in them.

Currently, Celsius is accepting bids for its assets and may consider doing an auction on October 20, according to a Monday filing. 

According to Blockchain.News, based on a