Year Ender: Top 10 Crypto CEO Exits of 2022

In 2022, crypto-winter took a toll on everyone, from retail investors to CEOs of multibillion-dollar companies. The year 2022 saw a huge decline in the price of crypto assets, crypto companies filing for bankruptcy, and several CEOs and key leaders of crypto firms stepping down from their respective roles.

Some CEOs stepped down as their companies went bankrupt, while others resigned due to volatility in the crypto market or a change in the firm’s objectives.

The downfall of Terra sent shockwaves across the crypto world, and several companies, including Three Arrows Capital, Voyager Digital, and FTX, declared bankruptcy and ceased operations.

Terraform Labs CEO Do Kwon refused to step down or resign and became an international fugitive. As the crisis unfolded, several company leaders stepped down.

Let’s take a look at some of the year’s biggest CEO exits

1. MicroStrategy CEO, Michael Saylor

Michael Saylor stepped down from his position as CEO of MicroStrategy in August. He co-founded MicroStrategy, a company that provides business intelligence, mobile software, and cloud-based services, in 1989. He served as MicroStrategy’s chief executive officer from 1989 to 2022.

While no longer CEO, Saylor continues to serve as executive chairman of the firm. MicroStrategy is known for holding a record number of bitcoins (a “Bitcoin whale”) for a publicly traded company. MicroStrategy held around 132,500 BTC as of December 28.

2. Genesis Trading CEO, Michael Moro

Genesis had a number of setbacks in 2022, including being the largest creditor of the bankrupt hedge fund Three Arrows Capital (to the tune of $2.36 billion) and being affected by FTX’s collapse. Following the Three Arrows disclosures in August, CEO Michael Moro resigned from his position.

At the same time, Genesis announced a 20% workforce reduction and appointed COO Derar Islim as interim CEO. Due to the impact of the FTX collapse, Genesis Trading ceased all withdrawals from its lending arm in November.

3. Algorand CEO, Steven Kokinos

Algorand CEO Steven Kokinos left the company behind the layer-1 blockchain platform of the same name in July, citing a desire to pursue “other interests.”

However, he will serve as a senior adviser until mid-2023. He said that he will focus on key projects in the Algorand ecosystem.

4. FTX US President, Brett Harrison

FTX US President Brett Harrison abruptly stepped down in September to take on an advisory position with the organization. Harrison announced his resignation on Twitter, stating that he plans to remain in the cryptocurrency sector.

Also Read: Year Ender: Top Tweets That Rocked the World of Crypto in 2022

5. Celsius, CEO, Alex Mashinsky

In September, Celsius CEO Alex Mashinsky resigned as CEO of the insolvent cryptocurrency lender Celsius Network. Mashinsky resigned two months after Celsius filed for Chapter 11 bankruptcy.

Mashinsky stated in his resignation that his prolonged work as CEO had been an increasing distraction and that he is sorry for the “difficult financial circumstances” that the Celsius community is facing.

Celsius co-founder Daniel Leon also resigned from his position as the company’s chief strategy officer in September.

6. FTX CEO, Sam Bankman-Fried

Sam Bankman-Fried resigned as CEO of FTX on November 11 after the company filed for Chapter 11 bankruptcy.

Bankman-Fried resigned barely a week after Binance CEO Changpeng “CZ” Zhao said on Twitter that the company would liquidate its entire holding in FTX’s FTT token. Binace signed a non-binding letter of intent to buy FTX during the liquidity crisis but backed out after doing due diligence.

7. Alameda Research CEO, Caroline Ellison

Ellison became the centre of attention not just for the questionable business practises of Alameda Research and FTX but also for her relationship with Bankman-Fried.

Caroline Ellison was let go after FTX and a number of its subsidiaries, including Alameda Research, declared bankruptcy in November.

9. Kraken CEO Jesse Powell

Jesse Powell, the CEO of crypto exchange Kraken, stepped down in September. He said that as Kraken grew in size, running it became more of a drain and “less enjoyable.” He stated that he intends to remain involved with the firm, which he co-founded in 2011.

Powell’s resignation comes only days after The New York Times reported that he had sent controversial messages to staff about his views on race and gender.

10. Parity Technologies CEO, Gavin Wood

Gavin Wood, co-founder of Ethereum and CEO of Polkadot developer Parity Technologies, resigned from his role in October. Despite leaving the CEO role, Wood remains Parity’s biggest shareholder and chief architect.

According to Bloomberg, Wood decided to quit because being CEO hindered his freedom to pursue “eternal happiness.”

Adios 2022

Also Read: Year Ender: 25 Best Crypto Jokes & Memes of The Year 2022