Michael Arrington Resigns from Celsius Bankruptcy Board Amid Disagreements
Michael Arrington, founder of Arrington Capital, resigns from the board overseeing the bankruptcy plan of crypto lender Celsius due to disagreements over the board's composition.
Posted 2 months ago in Blockchain
Michael Arrington, founder of Arrington Capital, has resigned from the board overseeing the bankruptcy plan of crypto lender Celsius, due to disagreements over the board's composition.
In a recent X (formerly Twitter) post, Arrington mentioned that he is unable to provide detailed information about his request for the change at this time, as the statement was heavily edited by attorneys. However, he expressed continued support for the deal and confirmed that his investment and advisory role via Fahrenheit will continue as planned.
Meanwhile, uncertainty looms for Celsius victims as time ticks on. The crypto lender obtained permission from a US court to collect feedback from account holders regarding its transition into a new user-owned entity and the distribution of assets to customers.
In July 2022, Celsius voluntarily halted withdrawals following a market crash triggered by the collapse of the Terra Luna ecosystem. Celsius CEO Alex Mashinsky is currently facing seven criminal charges, while the former chief revenue officer, Roni Cohen-Pavon, recently pleaded guilty to four fraud charges and committed to cooperating with US authorities in their investigations.
BeInCrypto remains committed to providing unbiased and transparent reporting, and readers are advised to independently verify facts and consult with professionals before making any decisions based on this content.
Last updated 9/24/2023, 9:51:57 PM
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