After bankruptcy, the CeFi lender is planning an ambitious comeback by offering crypto custodial services. According to the New York Times, the celsius network
celsius network [email protected] Lending & BorrowingCryptocurrency investment Followers : 1 View profile is one of many companies that have been hit hard by the pandemic. The company, which headquarters are based in the USA, was forced to declare bankruptcy in July.
In July, Celcius froze their customers’ accounts which left behind many confused individuals. However, this news brought hope to retrieve the millions of dollars held to ransom.
CEO alex mashinsky
alex mashinsky founder and ceo at celsius network Celsius Network’s Founder and Chief Executive Officer is Alex Mashinsky. He is a professional entrepreneur of seven NYC-based startup companies. He founded two of New York City’s top 10 venture-based exits in 2000. Before founding Celsius Network, he founded Governing Dynamics, an Israeli-American venture fund investing platform in the most promising growth firms in Israel, where he has been the Managing Partner since 2004.
In the past, Alex has served as the founder and chairman of Transit Wireless, a leading 5G neutral host fiber infrastructure organization that offers cellular and Wi-Fi connectivity to large infrastructure projects. Alex has been honored with several awards for innovation, including being nominated twice by E & Y as an entrepreneur of the year in 2002 and 2011, Crain’s 2010 Top Entrepreneur, the 2000 Albert Einstein Technology Medal, and the Technology Foresight Award. EntrepreneurChief Executive OfficerBoard Member Followers : 0 View profile denied rumors that the company was insolvent in the weeks leading up to the announcement. The company also said that it would be able to repay all of its obligations to depositors.
Celcius had already experienced a sharp decrease in price, even before the customers’ accounts were frozen. The value of the CEL token had fallen from a high of $8.25 in June to almost half by the time the announcement was made.
The recovery Plan ” Project Kelvin”
The Celcius CEO Mashinsky addressed that the company would use a recovery plan called “project Kelvin” where the customers will get back their deposit and the next part will be returning the rest of the coins. “It’s not like we don’t want to give back coins or that we’re somehow delaying the process. It’s in our best interests to let as many individuals in custody get their money as soon as possible.” Mashinsky said.
According to a tweet, the Celsius Unsecured Creditors community disagrees with Kelvin in that more pressing issues have yet to be addressed, and the entire procedure may be a “stalling tactic.” It is still unclear when exactly depositors will get their funds back, but Mashinsky’s statements offer some hope that the process may not take as long as initially feared.