• In 2022, a number of well-known CEOs left their positions as the heads of crypto-focused companies, including Sam Bankman-Fried of FTX, Alex Mashinsky of Celsius, Michael Saylor of MicroStrategy, and Jesse Powell of Kraken.
• The mass exodus started in 2022 when the cryptocurrency market started to fall.
• Whitney Gibbs, CEO of Compass Mining, and Chief Finance Officer Jodie Fisher announced their resignations in June due to Compass not paying the hosting and power fees associated with a facility in Maine.
The year 2022 marked a tipping point for the cryptocurrency market. As prices began to decline, a mass exodus of CEOs from crypto-focused companies began. Sam Bankman-Fried of FTX, Alex Mashinsky of Celsius, Michael Saylor of MicroStrategy, and Jesse Powell of Kraken all stepped down from their positions. These departures were due to a number of factors, such as the volatility of the market and the entry of these companies into a new phase.
The decline of the market was also responsible for the bankruptcy of a number of businesses, including Three Arrows Capital, Voyager Digital, and FTX. However, Do Kwon, CEO of Terraform Labs, refused to resign or vacate his position and instead fled abroad.
Whitney Gibbs, CEO of Compass Mining, and Chief Finance Officer Jodie Fisher announced their resignations in June due to Compass not paying the hosting and power fees associated with a facility in Maine owned by Dynamics Mining. Dynamics accused Compass of not paying them $250,000 for 3 months of power use.
The decline of the cryptocurrency market during this time period caused a lot of disruption amongst the leadership of crypto-focused companies. CEOs and CFOs left their positions due to the volatility of the market and the bankruptcy of several companies. Despite the chaos, some leaders were able to remain and adjust their strategies to weather the storm.
