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

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.
  • More than two dozen key executives have been fired by major crypto companies.
  • Many of the executives have joined rival firms.

The turbulence that caused bitcoin’s market to crash earlier in the year has subsided. The C suite will now have a reorganized structure.

The market is currently experiencing management turmoil due to the ongoing unrest in crypto firms.

,,.,., and are down more than 50% from their all time highs, while bitcoin cash has fallen 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. Lee spoke with Bloomberg to say:

I believe the C suite will fail. I think it’s inevitable. It’s going to be a natural evolution of how these things work. It’s too easy to focus on the C suite and not the underlying technology.

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

In the past two months, more than two dozen senior executives have resigned from their positions, including Brett Harrison, CEO of digital asset exchange FTX US and Jesse Powell, chief outspoken FTX rival Kraken’s spokesperson. Alex Mashinsky, charismatic and contentious cofounder of the now bankrupt cryptocurrency lender Celsius Network, was also among those who left.

It is not unknown for new management to introduce changes that may cause short-term turbulence for a company’s stock price. It is possible that something more serious is at work, however, as so many senior executives have resigned in such a short period.

These departures indicate that many of the most prominent firms are in serious financial trouble. Many executives have left their firms to join rivals, indicating that they don’t believe their former employer can retain its market position.

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

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