Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

The C-Suite is About to Fail Crypto’s $2 Trillion Wipeout

Published 10/23/2022, 03:58 AM
Updated 10/23/2022, 04:00 AM
The C-Suite is About to Fail Crypto’s $2 Trillion Wipeout

  • The C-Suite is about to be wiped out by crypto’s $2 trillion wipeout.
  • Major crypto firms have lost more than two dozen key executives.
  • Many of the executives have joined competitor firms.

The turbulence that caused the bitcoin market to crash earlier this year and reverberated throughout the sector has eased. The C suite will now be reorganized.

Following unrest that continues to shake crypto firms, the market is experiencing a wave of management churn.

Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin are down by more than 50% from their all-time highs, while bitcoin cash is down more than 90%.

The CEO of the world’s largest cryptocurrency exchange, BTCC, Bobby Lee, has stated that he expects the C-suite to fail. In an interview with Bloomberg, Lee said:

I do think the C suite will fail. I think it’s inevitable. It’s going to be a natural evolution of how these things work. There is too much focus on the C suite instead of the underlying technology

Lee’s comments come in the wake of the unrest that continues to shake crypto firms.

Over two dozen senior executives have left their positions in the last two months alone, including Brett Harrison of digital asset exchange FTX US, Jesse Powell, the chief outspoken from FTX rival Kraken, and Alex Mashinsky, the charismatic and contentious co-founder of the now-bankrupt cryptocurrency lender Celsius Network.

It is not unknown for new management to introduce changes that may cause short-term turbulence for a company’s stock price. However, so many senior executives have left their positions in such a short time suggests something more worrying at play.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The departures suggest that there are severe problems at many of the leading firms. Many executives have left to join rival companies, indicating that they do not believe their former employer can maintain its position in the market.

The post The C-Suite is About to Fail Crypto’s $2 Trillion Wipeout appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.