Here’s The Reason Why Many Crypto Exchange CEO Resigns and What It Means for Investor
In the last two months, a number of crypto executives have resigned in light of the bear market. There is a serious concern over investors’ deposits in crypto exchanges as a result of the rapid departure of CEOs.
The Reason Behind Resignation
On September 27, FTX.US President Brett Harrison announced on Twitter that he would be stepping down and moving to an advisory role inside the company.
“An announcement: 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,” tweeted him.
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In his posts, Harrison stated that the crypto industry was at a “number of crossroads” and that he would continue to work on removing entry barriers for bigger players.
1/ An announcement: 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.
— Brett Harrison (@BrettHarrison88) September 27, 2022
Additionally, Celsius CEO Alex Mashinsky announced he was stepping down at the same time as Harrison.
“I elected to resign my post as CEO of Celsius Network today,” said Mashinky.
The CEO decided to step down as his “continued role as CEO [had] become an increasing distraction.”
Meanwhile, Avinash Shekhar, the CEO of ZebPay, quit the oldest crypto exchange in August to start a Web 3.0 company.
The Things That Happen in Investor Money Following The Resignation
When a CEO resigns, investors’ money doesn’t get lost, says Edul Patel, CEO and co-founder of Mudrex, a global cryptocurrency investment platform.
As a result, the organization could undergo major changes. Even though exchanges may have different value sets, protecting investors’ capital is the core principle.
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Crypto platform weTrade founder and CEO Prasant Kumar said that depositors should consider market risks when investing, especially in cryptos, as their prices are volatile.
He added that investors should be “wise and thoughtful” while investing in Crypto.
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