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Crypto resignations continue: A round up of the recent high-profile departures

Crypto resignations continue: A round up of the recent high-profile departures

Crypto resignations continue: A round up of the recent high-profile departures
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By CNBCTV18.com Sept 29, 2022 7:53:59 AM IST (Published)

On Tuesday, Alex Mashinsky decided to step down as the CEO of the bankrupt crypto lender Celsius. In his absence, Finance Chief Chris Ferraro will step in as the company's interim Chief Executive Officer.

Cryptocurrencies continue to drag through the mud as bears intensify their hold on the market. Prices of most tokens have nosedived from their all-time highs registered in November 2021, with the likes of Bitcoin and Ethereum shedding up to 70 percent of their value since then.

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The resulting turmoil has created choppy waters for crypto firms and triggered several high-profile resignations in the last few months.
On Tuesday, Alex Mashinsky decided to step down as the CEO of the bankrupt crypto lender Celsius. In his absence, Finance Chief Chris Ferraro will step in as the company's interim Chief Executive Officer. Mashinsky's resignation comes just a few months after Celsius filed for Chapter 11 bankruptcy protection. After the news of Mashinsky's resignation broke, the firm's native cryptocurrency, CEL, dropped more than 7 percent, as per data from CoinMarketCap.
"I elected to resign my post as CEO of Celsius Network today. Nevertheless, 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 — which is what I have been doing 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 the FTX US president and move into an advisory role. "I'm stepping down as president of @FTX_Official. Over the next few months, I'll be transferring my responsibilities and moving into an advisory role at the company," said Harrison in a tweet.
Harrison moved to FTX from Citadel Securities in May 2021, and his resignation comes after just 16 months on the job. However, he remains committed to "assisting Sam
A few days before Harrison, Ashwin Prithipaul stepped down as the CFO of the crypto lender Voyager Digital. Prithipaul joined the now insolvent firm in May of this year and is leaving to "pursue other opportunities," as per 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 rumoured to have submitted the highest bid of $50 million.
Last month, the co-CEO of Alameda Research, Sam Trabucco, also announced his resignation after co-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 stint at the firm. In his absence, Caroline Ellison will become the sole head of Alameda Research.
"I'm announcing today that I am stepping down as co-CEO of Alameda Research — @carolinecapital will continue as Alameda's CEO. I will stay on 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 really, really happy," he added.
But perhaps the most unexpected resignation would be that of Michael Saylor, who stepped down as MicroStrategy CEO after 33 years. His resignation came just a few days after the company reported a loss of more than $1 billion in its second-quarter earnings report, primarily due to impairment charges of $917 million on its Bitcoin holdings. Following his departure, MicroStrategy's share price rallied by nearly 15 percent.
However, Saylor is not leaving the company altogether. 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.
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