• In 2022, several well-known CEOs of crypto-focused companies left their positions, such as Sam Bankman-Fried of FTX, Alex Mashinsky of Celsius, Michael Saylor of MicroStrategy, and Jesse Powell of Kraken.
• The cryptocurrency market collapse in June saw the departure of Compass Mining CEO Whitney Gibbs and Chief Finance Officer Jodie Fisher.
• Terraform Labs CEO Do Kwon refused to step down and instead fled abroad.
In 2022, the cryptocurrency market saw a mass exodus of CEOs from crypto-focused organizations. Several well-known individuals left their positions, including Sam Bankman-Fried of FTX, Alex Mashinsky of Celsius, Michael Saylor of MicroStrategy, and Jesse Powell of Kraken. The reasons for their departures varied, with some citing the market’s volatility and others noting that their companies had gone bankrupt.
The fall of Terra also had far-reaching consequences, with other businesses such as Three Arrows Capital, Voyager Digital, and FTX going under. This was followed by the resignations of Compass Mining co-founder and CEO Whitney „Whit“ Gibbs and Chief Finance Officer Jodie Fisher, who had come under criticism for not paying the hosting and power fees associated with a facility in Maine owned by Dynamics Mining.
The greatest exit of the year, however, came from Terraform Labs CEO Do Kwon. Kwon refused to step down or quit and instead fled abroad, leaving the organization in a precarious position.
The departures of several high-profile CEOs had a major impact on the cryptocurrency market in 2022. While it is uncertain what the future holds for the space, one thing is certain: the exits of these individuals will have a lasting impact on the industry.