Michael Arrington Resigns from Celsius Board
Michael Arrington, founder of Arrington Capital, has announced his resignation from the board overseeing the bankruptcy plan of crypto lender Celsius. Arrington stated that he will no longer be on the board and that his partner at Fahrenheit, Ravi Kaza, will take his seat. Arrington cited disagreements over the board’s composition, particularly regarding board observers, as the reason for his departure.
In a recent post on X (formerly Twitter), Arrington mentioned that he couldn’t provide many details about the change due to heavy editing by attorneys. However, a court filing on September 23 confirmed the change, with Arrington being replaced by Ravi Kaza.
Uncertainty Surrounding Celsius Victims
Arrington indicated that he would still support the deal but in a different capacity than being on the board of directors. Celsius has 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 May 2022, Fahrenheit, led by Arrington, won the bid to acquire over $2 billion worth of Celsius’ assets. The collapse of the Terra Luna ecosystem triggered a market crash that caused Celsius to halt withdrawals voluntarily in July 2022. Celsius CEO Alex Mashinsky is currently facing seven criminal charges related to the collapse.
Roni Cohen-Pavon, former chief revenue officer of Celsius, recently pleaded guilty to four fraud charges and has committed to cooperating with US authorities in their ongoing investigations.
Hot Take: Michael Arrington Resigns Amidst Disagreements Over Celsius Board Composition
Michael Arrington has stepped down from his position on the board overseeing Celsius’ bankruptcy plan due to disagreements over the composition of the board. While Arrington will no longer be on the board of directors, he will continue to support the deal and contribute in other ways through his investment and active advisory role via Fahrenheit. The resignation introduces uncertainty for Celsius victims as the company transitions into a new user-owned entity and distributes assets to customers. The recent court filing confirms the change, with Ravi Kaza replacing Arrington on the board.
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