Kraken CEO joins peers at Genesis, Alameda in stepping down, Crypto faces regulatory scrutiny after a series of meltdowns
The cryptocurrency industry’s epic shakeout, having cost thousands of
jobs and set off a round of consolidation, is reaching the corner
office.
Crypto exchange Kraken announced on Wednesday that
co-founder Jesse Powell will step down as CEO, to be replaced by Chief
Operating Officer David Ripley. The reshuffle comes shortly after
Genesis’s Michael Moro and Bitcoin evangelist Michael Saylor, along with
Sam Trabucco of Alameda Research, relinquished top positions.
The
raft of successions sets the stage for a changing of the guard in the
roughly decade-old industry. Many of crypto’s most prominent leaders,
like Powell, are technologists who discovered digital assets early,
cultivated devout Twitter followings and didn’t hesitate to engage
their detractors in online battles. With the sector reeling from a
slump that’s shaved off roughly $2 trillion from cryptocurrencies’
market value and landed some bosses in bankruptcy court, regulators’
cross-hairs or worse, boards are starting to look for different skills...
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