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Celsius Network CEO Alex Mashinsky to resign

Yahoo Finance Video

Yahoo Finance Live's Julie Hyman discusses reports that Celsius Network CEO Alex Mashinsky will resign from the cryptocurrency company.

Video transcript

JULIE HYMAN: We have a bit of breaking news for you now. Alex Mashinsky, who is the chief executive and founder of Celsius Network, is resigning from the company. That's according to the Wall Street Journal. They are citing Mashinsky's law firm in that resignation letter, which the Journal is citing.

I regret that my continued role of CEO has become an increasing distraction, he writes. And I'm very sorry about the difficult financial circumstances members of our community are facing. Those circumstances that he's referring to are the $4.7 billion that Celsius owns-- owes its clients. The company paused all withdrawals and filed for bankruptcy in July. And again, now, Mashinsky, who has been under a lot of scrutiny, is stepping down. We'll bring you any further developments as we get them.