Alex Mashinsky and S. Daniel Leon have both tendered their resignations fleeing the sinking ship
Within a few days after Alex Mashinsky resigned as CEO of Celsius. Midst the companies bankruptcy hearings, he is joined by co-founder Daniel Leon who also tendered his resignation earlier today.
It appears that resigning from the spotlight, or even changing profession entirely has become the recent new hot thing to do in the crypto sector. Both Alex and Daniel are joining a long list of people "such as former MicroStrategy CEO Michael Saylor, Kraken CEO Jesse Powell, FTX US president Brett Harrison and Genesis CEO Michael Moro and managing director Matthew Ballensweig moved into less visible advisory roles. Others, such as former Alameda Research co-CEO Sam Trabucco, Ignite CEO Peng Zhong and bankrupt Voyager Digital’s chief financial officer, Ashwin Prithipaul, have changed direction entirely."
Altho Alex and Daniel probably have resigned for completely other reasons. But why are they resigning?
In Alex's case, it might be pretty cut and dry why he has resigned. According to the statement he put out the reason cited is the following: "I regret that my continued role as CEO has become an increasing distraction,". So he thinks he has become a distraction. It also just happened to coincide with his wife getting some attention for her latest business venture.
And what was that business venture you might ask? Selling t-shirts for $29 featuring this play on words. Because Celsius's slogan was "unbank yourself" and now they are filing for bankruptcy. So when very cleverly changed the "Unbank" to "Unbankrupt". See how clever that is. Oh and completely utterly tasteless.
And when audio got leaked from the meeting where they discussed how to revive Celsius, now under the new name Kelvin. Yea I know...
Tiffany Fong who leaked the audio recording apparently "hacked" in and that's how she got the recording. As it was definitely not sent to her from a Celsius employee. And Krissy also goes on to say she thinks Krissy should use all the money she earns from the unmonetized video to pay Celcius creditors.
I assume that is where the money from the "Unbankrupt Yourself" t-shirt is going as well. What's that, a New Kelvin shirt is available as well. Must be great then, as that clearly means more money to Celsius creditors.
So it might be that Alex Mashinsky did not like all the attention, I mean the negative attention that his wife was bringing in by simply being herself. And what was revealed in the Kelvin plan was not the best of things. But you do not have to take my word for it you can just listen to it for yourself. And that might be the final nail in the Celsius coffin for Alex.
And one of the key features behind the name Kelvin is that it starts at absolute zero. And that is their new selling point "absolute zero trust ... you should do your own research". Sounds like a really great new venture. At least they are looking to be honest this time around.
But when it comes to S. Daniel Leon. He has not put out an official notice as to why he has chosen to resign. But one can assume that he probably just wants to put as much distance between him, Celsius, and Alex as fast as humanly possible.
Also now both Daniel and Alex can brag on their CEO / founder retreat that they brought Celsius to its high. And they in fact were not there when it was put through bankruptcy. A technicality that in those circles probably is a huge deal. As these types of people tend to fail up. Also, there is the whole idiom of rats leaving the sinking ship. Unlike the true captain who goes down with the ship.
But what is your thought on this whole saga? Do you have any idea as to why they would resign now, if so please share them in the comment section down below? If you would like to support me and the content I make, please consider following me, reading my other posts, or why not do both instead.
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