2022 CEO Exit List - Thank you Sam, Micheal, Alex and Co
In today’s dispatch we have:
2022 crypto CEO Exits
Togg onboards Metaco for crypto custody
Coinbase announces more layoffs!
In 2022, things got pretty frosty for everyone in the crypto world, from the little guy to the bigwigs.
Prices were ice cold, and companies were filing for bankruptcy left and right, and even some CEOs and leaders were stepping down from their positions.
It was like a game of musical chairs, but no one wanted to play. But hey, what doesn't kill you makes you stronger, right?"
Anyways, let's see the major step-outs:
Compass Mining, Whitney Gibbs (June)
Reason: Compass Mining failed to pay the utility bills at a facility in Maine owned by Dynamics Mining.
Replacement: Paul Gosker
Algorand, Steven Kokinos (July)
Reason: Resigned to pursue "other interests" but continued as a senior adviser until mid-2023.
Replacement: Staci Warden
MicroStrategy, Michael Saylor (August)
Reason: MicroStrategy reported a $1.062 billion Q2 loss on Bitcoin investments.
Replacement: Saylor's deputy - Phong Le
Saylor continued as the executive chairman, focusing on Bitcoin.
Genesis Trading, Michael Moro (August)
Reason: Genesis faced setbacks in 2022, being the largest creditor of bankrupt Three Arrows Capital with $2.36 billion.
Replacement: COO, Derar Islim (interim)
Kraken, Jesse Powell (September)
Reason: In June, Kraken faced backlash for "anti-woke" stance, prompting Powell to suggest employees leave if they felt "triggered" by this. The firm is also under investigation by the US Treasury for alleged sanctions violations.
Replacement: COO, David Ripley
Celsius, Alex Mashinsky (September)
Reason: Mashinsky resigned two months after Celsius declared Chapter 11 bankruptcy.
Replacement: Chris Ferraro
Parity Technologies, Gavin Wood (October)
Reason: Considers his temperament unsuited to the role of CEO in the long term.
Replacement: Co-founder Björn Wagner
Wood remains the majority shareholder of the company.
FTX, Sam Bankman-Fried (November)
Reason: The business filed for Chapter 11 bankruptcy in November. Even Binance, who had once invested in FTX, decided to bail out.
Replacement: John J. Ray III
Turkish automaker Togg onboards Metaco for crypto custody
Turkey's first native electric car developer, Togg, has just announced that they're teaming up with Metaco to rev the security of their open mobility ecosystem built on Avalanche.
Togg's digital assets will be safeguarded and governed using Metaco's digital asset custody and orchestration solution, Harmonize.
Togg's mobility-as-a-service platform promises to provide smart contract-powered use cases for consumers in Turkey and Europe, such as tokenization of mobility services, CO2 footprint assessment, and non-fungible token ownership.
Togg's Avalanche-based solutions will provide a new perspective on mobility by allowing people to easily rent various modes of transportation - such as cars, scooters, and parking spots - through a single platform, with payments for each step of the users' journey securely automated through smart contracts with the digital asset wallet, according to the company.
Coinbase announces more layoffs, cuts off 20% of its workforce
As the crypto market continues to experience its ups and downs, one of the industry's biggest players, Coinbase, is feeling the effects.
The company recently announced that it would cut its headcount by 950 employees, or about 20% of its workforce.
While this news may be disappointing for those affected by the layoffs, it's important to remember that this isn't the first time Coinbase has had to make tough decisions to stay afloat. It first announced an 18% reduction in its staff, or approximately 1,100 employees, in June 2022
"I've made the difficult decision to reduce our operating expense by about 25% Q/Q, which includes letting go of about 950 people. All impacted team members will be informed by today," CEO Brian Armstrong wrote in a blog post .
Some might see this as a sign of trouble for the crypto industry, but we prefer to look on the bright side.
After all, it's not like Coinbase is going out of business or anything - it's simply adjusting its business model to ensure it can continue to thrive in the long run.
FTX ticker for today
Sam Bankman-Fried's former roomie and confidant Nishad Singh is trying to cut a deal with the Feds and spill the tea in a proffer session.
The next FTX bankruptcy hearing on January 11th at 9am EST will be packed with drama: deadline extensions, asset auctions, and even Bankman-Fried's attorneys joining the chat, all streamed live on YouTube.
FTX had a D.C. office across the street from the White House and Treasury Department.
Tom Brady and his ex-wife Gisele Bündchen, along with Robert Kraft, Blackrock, Coinbase and more, have investments in FTX stock!