{"id":360058,"date":"2023-09-25T12:00:12","date_gmt":"2023-09-25T11:00:12","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=360058"},"modified":"2023-09-25T11:21:45","modified_gmt":"2023-09-25T10:21:45","slug":"techcrunch-founder-arrington-steps-down-from-new-celsius-board-over-constitution-disagreement","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/techcrunch-founder-arrington-steps-down-from-new-celsius-board-over-constitution-disagreement\/","title":{"rendered":"TechCrunch founder Arrington steps down from new Celsius board over constitution disagreement"},"content":{"rendered":"<p class=\"s3\">Arrington Capital founder Michael Arrington stepped down from his position as a <a href=\"https:\/\/cryptoslate.com\/new-celsius-2-0-company-to-be-led-by-former-algorand-ceo\/\">board<\/a> member of the new company that will take over the operations of bankrupt crypto lender Celsius.<\/p>\n<p>Arrington revealed that Ravi Kava would replace him on the new company's board. Kava is a partner at Fahrenheit and an investor and advisor at the Arrington-owned hedge fund, Arrington Capital. A Sept. 23 court filing has <a href=\"https:\/\/cases.stretto.com\/public\/x191\/11749\/PLEADINGS\/1174909242380000000001.pdf\">confirmed<\/a> this change.<\/p>\n<h2>Arrington explains decision<\/h2>\n<p>In a Sept. 24 <a href=\"https:\/\/twitter.com\/arrington\/status\/1705940251158430176\">post<\/a> on X (formerly Twitter), Arrington explained that he was leaving his position due to disagreements over board constitutions and board observers. The TechCrunch founder declined to provide additional information on why he left the board, saying his statement was &#8220;heavily edited by attorneys.&#8221;<\/p>\n<p class=\"s3\">Despite leaving the board, Arrington said he would continue to support the deal and participate in other ways apart from being on the board of directors. He added:<\/p>\n<blockquote><p>&#8220;Apart from not joining the board of directors, our investment and active advisory role via Fahrenheit will go on as planned.&#8221;<\/p><\/blockquote>\n<p>Meanwhile, community members have <a href=\"https:\/\/x.com\/CelsiansNetwork\/status\/1705944410112840116?s=20\">suggested<\/a> that Arrington left the board due to the addition of Simon Dixon as an observer. Dixon is the CEO of Bnk to the Future and <a href=\"https:\/\/cryptoslate.com\/binance-bank-to-the-future-among-secret-bidders-of-celsius-assets-tiffany-fong\/\">one of the largest creditors<\/a> of the bankrupt company. He is one of the leading voices in the bankruptcy process and has <a href=\"https:\/\/cryptoslate.com\/9-month-recovery-plan-for-celsius-announced-by-lead-investor-bnk-to-the-future\/\">proposed measures<\/a> to help the defunct firm.<\/p>\n<p>In a post on X, Dixon responded to Arrington, <a href=\"https:\/\/x.com\/SimonDixonTwitt\/status\/1705838695956275222?s=20\">saying<\/a>:<\/p>\n<blockquote><p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">&#8220;One day, this story will be told by <\/span><span class=\"r-18u37iz\">@FahrenheitHldg, <\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">as this is their election. For now, welcome to <\/span><span class=\"r-18u37iz\">#NewCo<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> board, Ravi. <\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">\u00a0I wish you the best, Michael Arrington<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">. Feel free to unblock me. No offence taken. Onwards & Upwards. Nothing but love<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> from me.&#8221;<\/span><\/p><\/blockquote>\n<h2>US Trustee objects to Celsius reorganization plan<\/h2>\n<p>Meanwhile, a Sept. 24 court <a href=\"https:\/\/cases.stretto.com\/public\/x191\/11749\/PLEADINGS\/1174909242380000000011.pdf\">filing<\/a> showed that the U.S. Trustee objected to the reorganization plan filed by Celsius.<\/p>\n<p>The U.S. Trustee stated that Celsius's plan contains &#8220;release and exculpation provisions that are<br \/>\noverbroad and contain prospective parties and activities&#8221; despite the revision recommendations it made to the company.<\/p>\n<p>Due to this, the U.S. Trustee said it &#8220;reserves all rights, claims, arguments, defenses, and<br \/>\nremedies with respect to confirmation of the Plan.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Arrington Capital founder Michael Arrington stepped down from his position as a board member of the new company that will take over the operations of bankrupt crypto lender Celsius. Arrington revealed that Ravi Kava would replace him on the new company&#8217;s board. Kava is a partner at Fahrenheit and an investor and advisor at the [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":360069,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77901],"tags":[77137,78905],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TechCrunch founder Arrington steps down from new Celsius board over constitution disagreement<\/title>\n<meta name=\"description\" content=\"Arrington Capital founder Michael Arrington stepped down as a board member of bankrupt Celsius new company.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/techcrunch-founder-arrington-steps-down-from-new-celsius-board-over-constitution-disagreement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TechCrunch founder Arrington steps down from new Celsius board over constitution disagreement\" \/>\n<meta property=\"og:description\" content=\"Arrington Capital founder Michael Arrington stepped down as a board member of bankrupt Celsius new company.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/techcrunch-founder-arrington-steps-down-from-new-celsius-board-over-constitution-disagreement\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-25T11:00:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-25T10:21:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/09\/michael-arrington-celsius.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/techcrunch-founder-arrington-steps-down-from-new-celsius-board-over-constitution-disagreement\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/techcrunch-founder-arrington-steps-down-from-new-celsius-board-over-constitution-disagreement\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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