An overview of the latest high-profile departures
Of CNBCTV18.com IST (published)
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On Tuesday, Alex Mashinsky decided to step down as CEO of bankrupt crypto lender Celsius. In his absence, Chief Financial Officer Chris Ferraro will step in as the company’s interim CEO.
Cryptocurrencies continue to drag through the mud as bears tighten their grip on the market. The prices of most tokens have fallen from their all-time highs recorded in November 2021, with the likes of Bitcoin and Ethereum losing up to 70 percent of their value since then.
The resulting turmoil has created choppy waters for crypto firms and sparked several high-profile resignations in recent months.
On Tuesday, Alex Mashinsky decided to step down as CEO of bankrupt crypto lender Celsius. In his absence, Chief Financial Officer Chris Ferraro will step in as the company’s interim CEO. Mashinsky’s resignation comes just months after Celsius filed for Chapter 11 bankruptcy protection. After news of Mashinsky’s resignation broke, the firm’s native cryptocurrency, CEL, fell more than 7 percent, according to data from CoinMarketCap.
“I have chosen to step down from my position as CEO of Celsius Network today. However, I will continue to maintain my focus on working to help the community unite behind a plan that will provide the best outcome for all creditors – that is what I has done since the company filed for bankruptcy,” Mashinsky said in an official press release.
This news comes on the heels of another high-profile resignation that saw Brett Harrison step down from his position as FTX USA president and move into an advisory role. “I am stepping down as president of @FTX_Official. Over the next few months, I will be transitioning my responsibilities and entering an advisory role with the company,” Harrison said in a tweet.
Harrison moved to FTX from Citadel Securities in May 2021, and his resignation comes after just 16 months in the job. However, he remains committed to “helping Sam
A few days before Harrison, Ashwin Prithipaul resigned as CFO of crypto lender Voyager Digital. Prithipaul joined the now insolvent firm in May this year and is leaving to “pursue other opportunities”, according to an official press release. In his absence, Voyager CEO Stephen Ehrlich will be tasked with handling Prithipaul’s duties for an interim period.
Like Mashinsky, Prithipaul’s departure comes just months after Voyager Digital filed for bankruptcy. The firm is currently auctioning off its assets, with Binance rumored to have placed the highest bid of $50 million.
Last month, the co-CEO of Alameda Research, Sam Trabucco, also announced that he is stepping down after leading the company for more than three years. However, his motives were not market-related, as he just needed time to relax after a hectic stay at the firm. In his absence, Caroline Ellison will become the sole head of Alameda Research.
“I am announcing today that I am stepping down as co-CEO of Alameda Research — @carolinecapital will continue as Alameda’s CEO. I will continue as an advisor but otherwise will not continue to have a strong day-to-day presence at the company,” Trabucco said in a tweet. “I needed to relax and I’m very, very happy,” he added.
But perhaps the most unexpected resignation would be Michael Saylor, who stepped down as CEO of MicroStrategy after 33 years. His resignation came just days after the company reported a loss of more than $1 billion in its second-quarter earnings report, largely due to write-downs of $917 million on its Bitcoin holdings. After his departure, MicroStrategy’s share price rose by almost 15 percent.
However, Saylor is not leaving the company entirely. Instead, he will continue as executive chairman of the software firm and focus fully on the company’s Bitcoin investments. In Saylor’s absence, Phong Le, the company’s president, will take over as the new CEO.
