Celsius co-founder Daniel Leon follows Mashinsky as crypto exec theft continues

Leon is at least the eighth crypto industry executive to step down in recent months; Celsius CEO Alex Mashinsky resigned a week ago.

S. Daniel Leon, who co-founded Celsius with Alex Mashinsky in 2017, has quit as chief strategy officer of the bankrupt crypto lender, CNBC reported on October 4, citing unnamed sources and an internal memo seen by the outlet. . Bloomberg later reported receiving confirmation of Leon's resignation from the company. Leon's resignation comes a week after Mashinsky's and is part of a seemingly growing trend.

Celsius filed for bankruptcy on July 13 as it was investigated by six US states and a month after freezing withdrawals. The company is said to be $1.9 billion in debt when it declares bankruptcy. Mashinsky resigned on September 27, saying in a statement, "I regret that my continued role as CEO has become an increasing distraction, and I am truly sorry for the financial hardship our community members are facing." His financial dealings and handling of the company's final days of solvency have come under scrutiny.

Leon filed a lawsuit in U.S. bankruptcy court to have his 32,600 shares of common stock in the company declared worthless on September 5. Bids on Celsius' assets will be accepted through October 17, with an auction scheduled for October 20, if required. FTX CEO Sam Bankman-Fried