{"id":366977,"date":"2022-12-30T00:47:06","date_gmt":"2022-12-30T05:47:06","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=366977"},"modified":"2022-12-30T00:47:06","modified_gmt":"2022-12-30T05:47:06","slug":"biggest-ceo-exits-in-crypto-in-2022","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/biggest-ceo-exits-in-crypto-in-2022","title":{"rendered":"Biggest CEO Exits in Crypto in 2022"},"content":{"rendered":"

The mass exodus started in 2022 when the cryptocurrency<\/a> market started to fall. In 2022, a number of well-known CEOs left their positions as the heads of crypto-focused companies, including Sam Bankman-Fried of FTX<\/a>, Alex Mashinsky of Celsius, Michael Saylor of MicroStrategy, and Jesse Powell of Kraken.<\/p>\n

Different people describe different reasons for leaving their positions, such as their company going bankrupt, the cryptocurrency market’s volatility, or the corporation entering a new phase.<\/p>\n

As a result of the fall of Terra, other businesses, including Three Arrows Capital, Voyager Digital, and FTX, went bankrupt and discontinued operations.<\/p>\n

The leadership at other organizations started to crumble like dominoes but Terraform Labs CEO Do Kwon refused to step down or quit and instead fled abroad. Here is a list of some of the greatest exits from this year in chronological order.<\/p>\n

Whitney Gibbs, CEO of Compass Mining<\/h2>\n

As the cryptocurrency market collapsed in June, Compass Mining experienced its first significant change when co-founder and CEO Whitney “Whit” Gibbs and Chief Finance Officer Jodie Fisher announced their resignations.<\/p>\n

Compass had drawn criticism for not paying the hosting and power fees associated with a facility in Maine owned by Dynamics Mining. Dynamics tweeted to Compass in June, “All you [had] to [do] was pay $250k for 3 months of power use.”<\/p>\n

The company stated in response to the resignations that<\/p>\n

Compass Mining was intended to make mining easy and accessible. We acknowledge that that ambition has been hampered by several failures and disappointments.<\/p><\/blockquote>\n

CEO of Algorand Steven Kokinos<\/h2>\n

Algorand CEO Steven Kokinos left the business that created the layer-1 blockchain platform of the same name in July, citing a desire to pursue “other interests.” Sean Ford, the COO of Algorand, was promoted to serve as the company’s interim CEO after luring organizations like FIFA and Napster to build on its platform.<\/p>\n

Kokinos, who will continue to work with Algorand as a senior advisor through mid-2023, is staying close to home. He stated that he intended to collaborate more directly with initiatives that are utilizing the platform.<\/p>\n

Michael Moro, CEO of Genesis Trading<\/h2>\n

Crypto broker Genesis<\/a> suffered several setbacks in 2022, including being the $2.36 billion largest creditor of the defunct Three Arrows Capital and being harmed by FTX’s failure. Following the Three Arrows revelations in August, CEO Michael Moro resigned.<\/p>\n

Upon hearing the news, Moro remarked, “It has been an honor to lead Genesis for nearly ten years, and I look forward to supporting the company’s next chapter of growth.” He said that he would provide guidance to the company during the transition.<\/p>\n

At the same time, Genesis announced a 20% personnel reduction and appointed COO Derar Islim as interim CEO. Due to the effects of the FTX collapse, Genesis Trading stopped all withdrawals from its lending arm in November. According to reports, Genesis is owned by the Digital Currency Group and owes Gemini Earn clients over $900 million in addition to other debts.<\/p>\n

Sam Trabucco, co-CEO of Alameda Research<\/h2>\n

Sam Trabucco, co-CEO of Alameda Research, resigned in August, citing a need for relaxation. Caroline Ellison<\/a>, co-CEO of Trabucco, remained Alameda’s only CEO up until the company filed for bankruptcy alongside FTX in November.<\/p>\n

Trabucco explained his decision to leave Alameda by saying, “I personally can’t continue to justify the time commitment of being a vital part of Alameda.” Spending a “regular” amount of time at work is challenging\u2014especially if you’re attempting to be a leader\u2014because everyone here works really hard.<\/p>\n

Of course, with hindsight comes questions about Trabucco’s knowledge of Alameda’s trading losses this summer and the use of FTX client funds to assist close the hole in its balance sheet.<\/p>\n

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Last year, when @SBF_FTX<\/a> announced that Caroline and I were Alameda's co-CEOs, the goal for all involved was to bring titles in line with reality — the two of us had been acting as CEOs for quite some time, and we wanted our outside image to reflect that.<\/p>\n

— Sam Trabucco (@AlamedaTrabucco) August 24, 2022<\/a><\/p><\/blockquote>\n