Mashinsky said in a statement: "I regret that my continued role as CEO has become an increasing distraction, and I am very sorry about the difficult financial circumstances members of our community are facing.”

The cryptocurrency company filed for bankruptcy and suspended customer withdrawals in July was one of the first major losses in the crypto market, citing a $1.19 billion deficit on its balance sheet. The company was accused of misleading investors by regulators.

Mashinsky expressed that he will continue to support the company and provide creditors with the best outcome.

Crypto exchange FTX, headed by Sam Bankman-Fried, is reportedly in the process of raising $1 billion in funding the firm. Earlier this week, FTX acquired the assets of bankrupt crypto brokerage business Voyager Digital Ltd. for $1.4 billion, backed BlockFi, and was in talks of scooping up Robinhood Markets Inc.

Last month, Blockchain payments company Ripple expressed interest in acquiring Celsius.

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