CEO Celsius Network, Alex Mashinsky, has submitted his resignation letter to the firm’s board of directors.

Celsius Network is one of the crypto entities that felt the cold hands of the Crypto Winter as the bear market and the Terra collapse precipitated a wave of insolvency in the crypto space. The firm has been battling to get back up following its bankruptcy filing. Nevertheless, it appears the embattled lender’s boss has decided to resign.

Business executive and CEO of Celsius Network Alex Mashinsky presented his resignation letter to the firm’s Special Committee of the Board of Directors on Tuesday.

Mashinsky seeks to forfeit his directorships in the firm and all other positions he holds at all of Celsius Network’s subsidiaries, in addition to resigning as the CEO. Notwithstanding, he notes that he wishes to retain his position as a director at Celsius Network Ltd.

Mashinsky mentioned that he believes his position as the CEO has continued to play a distracting role. He further stated that his resignation would not end his contribution to the firm’s growth, as he will be available to assist the team as recovery plans are set up.

Celsius Network’s bankruptcy filing revealed that the lender has over 100,000 creditors, including Sam Bankman-Fried’s Alameda Research. Mashinsky said he would continue working with the company to realize an outcome favorable to the creditors.

Below is a copy of Mashinsky’s resignation letter:

“Effective immediately, please accept my resignation as CEO of Celsius Network Ltd, as well as my directorships and other positions… I regret that my continued role as CEO has become an increasing distraction, and I am very sorry about the difficult financial circumstances members of our community are facing.”

Recall that Celsius Network paused account withdrawals on June 13, citing unfavorable market conditions. A month later, the crypto lender filed for Chapter 11 bankruptcy, with about $167M as cash.

The Crypto Basic previously reported investment bank Goldman Sachs’ interest in Celsius Network. In June, before the firm’s bankruptcy filing, Goldman Sachs noted that it would be raising $2B to purchase Celsius Network’s assets in the event of a bankruptcy filing.