24/7 Cryptocurrency News

Former Celsius CEO Alex Mashinsky Wants $1B to Rebrand the Company – Report

Alex Mashinsky, former CEO of the defunct crypto lender Celsius was hoping to get $1 billion to rebrand the firm
Published by
Former Celsius CEO Alex Mashinsky Wants $1B to Rebrand the Company – Report

Alex Mashinsky, former CEO of the defunct crypto lender Celsius was hoping to get $1 billion to rebrand the firm. According to the story from persons familiar with the issue, Mashinsky intends to create a new project branded Celsius Web Service (CWS) with $1 billion.

Notably, the new project which is aimed at focusing on Yield and Custody was pitched to Goldman Sachs and Abu Dhabi-backed fund ADQ in May and June, respectively before filing for bankruptcy protection in Mid-July.

Additionally, Mashinsky also pitched the project to his Board, which up until June of last year featured Laurence Tosi and a representative of Canadian Caisse de Depot et Placement du Quebec. Interestingly, these investors jointly spent $750 million in Celsius in 2021 but had no interest in CWS.

Interestingly, a Goldman presentation published in May 2022 revealed that Celsius planned to investigate how it could collaborate with the bank to increase its involvement in the cryptocurrency market. 

Advertisement

Did Mashinsky’s Project Come Late?

It appears that Mahinsky’s attempt to steer the company away from its primary activity of lending out crypto assets was too little, too late. Celsius eventually filed for bankruptcy in July, after persistent efforts to repay its loans. This happened a month after Celsius Celsius froze withdrawals, owing over $4.7 billion to more than 100,000 users.

As the pressure increased on Celsius in May, Mashinsky wanted to transfer his focus to the CWS project, according to the source. It was a strategy that startled some in the industry, given that Celsius had recently received $750 million from external investors, they claimed. 

However, the cash had already been depleted at that point. “The reality is that no one had any idea how bad things were at the time,” the source stated.

In response to requests for comment on the CWS project, Mashinsky offered a link to a blog post detailing the “true story” of Celsius’s collapse, implying that Alameda Research, a subsidiary firm of the defunct FTX, was the cause of Celsius’ demise.

This response is, however, contrary to opinions from Celsius employees, citing mismanagement for the company’s failure.

Advertisement

Share
Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin

Trump Family's World Liberty Financial has unveiled big real-world asset (RWA) tokenization plans on Wednesday,…

October 1, 2025
  • 24/7 Cryptocurrency News

Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms

Fintech giant Stripe has unveiled a suite of tools to enable businesses to tap into…

October 1, 2025
  • 24/7 Cryptocurrency News

Breaking: Metaplanet Expands Treasury With 5,268 BTC Purchase, Climbs to 4th Largest Holder

Metaplanet has expanded its Bitcoin portfolio with another purchase. The Tokyo-listed firm is now the…

October 1, 2025
  • Bitcoin News

BREAKING: Nasdaq Files with US SEC to List BlackRock Bitcoin Premium Income ETF

Nasdaq has officially filed to list and trade BlackRock iShares Bitcoin Premium Income ETF with…

October 1, 2025
  • 24/7 Cryptocurrency News

Mr Beast, Whales Buy ASTER Token Amid 20% Crash, What’s Next?

While the ASTER token has crashed 20% in the last 24 hours, to test the…

October 1, 2025
  • 24/7 Cryptocurrency News

Breaking: U.S. Government Shuts Down After Congress Fails to Pass Funding Bill

The U.S government has entered its first shutdown since 2019 after lawmakers failed to reach…

October 1, 2025