crypto strategy

Cryptexodus: A running list of crypto executives who have resigned since May

The crypto market has spent 2021 making major investments and larger than life valuations. Several crypto billionaires have been hit in 2021and the first non-fungible token (NFT) billionaires follow-up in early 2022.

In March, the Federal Reserve raised interest rates for the first time since 2018, as war broke out between Russia and Ukraine. Two months later, TerraUSD, a stablecoin designed to reduce market volatility by maintaining a fixed value, has imploded. Unlike other stablecoins, Terra was not backed by a stablecoin asset.

After the collapse, more than 200 billion dollars have been erased of the crypto market in a single 24-hour period.

In the months that followed, the crisis totaled $2 trillion.

Amid a rapid series of changes in direction at the end of September – punctuated by high profile departures at CelsiusFTX and kraken — Ryan Salame, Co-CEO of FTX Digital Markets tweeted“Probably easier for anyone not stepping down this month to raise their hands!

Sat Trabuco, former co-CEO of crypto trading firm Alameda Research, who himself resigned in AugustSalame retweeted 58 seconds later.

Tyrone Ross, a California-based financial advisor and wealth manager with a longtime focus on crypto, noted that not all resignations should be blamed on the downturn. In the case of Celsius, for example, the resignations might not have happened without their legal woes.

For some companies, pending regulation will soon provide a framework that does not yet exist, so they may be looking to elevate someone with regulatory chops. (Binance.US, for example, tapped former acting Comptroller of the Currency Brian Brooks to become its CEO in 2021. He resigned three months later, but moving to another crypto company, Bitfurywhere he remains CEO.)

But for the jerks resulting directly from the crisis, the changes in the C-suite represent changes in strategy.

“CEOs who get companies to certain points are not always the CEOs who guide them through tumultuous times, and not always the ones who manage downsizing or re-evaluating the company,” Ross said.

He also noted that being a CEO “sucks.”

“It sucks even when the market goes straight up especially in crypto, where you have to fight for everything because it’s still illegitimate to the masses,” Ross said.

Matt Sherman, financial analyst at Merchant Maverick, told Banking Dive that as the federal government moves closer to regulating crypto, some executives “feel that increased rules and scrutiny is not what the cryptocurrency industry is supposed to be.”

Mirroring Ross’ sentiment, Sherman said the bear market has forced companies to cut losses and (potentially) capitalize on acquisitions, which “requires a different skill set than running a business in a market. bullish”.

Some executives opt instead for a position in the back, join boards of directors or remain in an advisory role.

Given the beginning of November crypto exchange implosion FTX, others may come. Our tracker will keep you updated on who’s gone and, if known, what happens next.

#Cryptexodus #running #list #crypto #executives #resigned #crypto strategy

Related Articles

Back to top button