In his resignation letter, the CEO of the embattled crypto lender said he regrets becoming a “distraction” by staying in the role until now. He will continue to promote “a viable plan” to reorganize Celsius and reimburse creditors in the company’s ongoing bankruptcy proceedings. (The Logic)

Talking point: Mashinsky was Celsius’s bombastic promoter as well as its leader, using social media to engage customers and reassure them of the firm’s financial health amid negative headlines—sometimes, a Vermont regulator alleges, to the point of making “false and misleading” statements. Long before his involvement in Celsius, Mashinsky had a track record of exaggerated claims, such as falsely calling himself the inventor of voice-over internet-protocol technology, an investigation by La Presse found. Earlier this month, Mashinsky pitched a turnaround plan for Celsius focused on storing cryptocurrency and charging transaction fees. The Caisse de dépôt et placement du Québec and fellow investor Westcap are seeking representation in Celsius’s bankruptcy proceedings.