Celsius Reorganizes Board of Directors Amid Liquidity Issues

Jul 07,2022
KingData News: Crypto lender Celsius Network has reorganized its board of directors as it works to stabilize its liquidity and operations amid the ongoing crypto bear market. Finance executives David Barse and Alan Jeffrey Carr were appointed as directors on June 28 and June 29, respectively. Barse is the founder and CEO of index company XOUT Capital and founder of private family office DMB Holdings. Carr is the CEO of Drivetrain, a fiduciary services firm that leads complex restructurings and litigations and manages portfolios in distressed investments. The executives are now directors alongside Celsius CEO Alex Mashinsky and Shlomi Daniel Leon, Celsiusโ€™s co-founder and chief strategy officer. Celsius Network terminated Gilbert Nathan, John Stephen Dubel and Laurence Anthony Tosi as directors at the end of last month.
On June 13, digital asset lending platform Celsius Network announced that it would suspend all withdrawals, swaps and transfers between accounts due to extreme market conditions. On the same day, Etherscan data showed that Celsius transferred a total of approximately 111,815 ETH to FTX over the last three days. This indicator provides a real-time tracking of Celsius' funding crisis.
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