There’s a mass exodus taking place in crypto.
No, we’re not talking about money. That ship sailed months ago.
We’re talking about CEOs.
In just the last month, CEOs of five major crypto companies have stepped down:
- Jesse Powell of Kraken.
- Michael Moro of Genesis.
- Brett Harrison of FTX.
- Alex Mashinsky of Celsius.
- Sam Trabucco of Alameda.
What in the world is going on?
Well, there are a few possible explanations.
- This may be just a coincidence. One or two companies changing CEOs wouldn’t catch anybody’s eye. The only reason we’re talking about this is that it’s all happening at once. Maybe this is just a whole bunch of nothing.
- Another explanation would be that this is a fallout from the bear market. We know this is the case with Celsius and Genesis, as both absorbed heavy losses due to bad loans. But it doesn’t fit with Kraken, FTX, and Alameda, as all have been doing fine during the bear market.
- The most conspiratorial explanation, and the most fun, is that they all know something. Maybe they’ve caught wind that the government is about to crush crypto. Perhaps they know a terrible recession is about to hit. Maybe it’s something else entirely. If this turns out to be true (which no evidence supports), Lord, have mercy on us.
The overwhelmingly most likely explanation is that this is just a coincidence. Crypto’s been around for a while, and these CEOs were part of the original generation. Many of them talk of being burned out. It just so happens they all got burned out at the same time.
Or did they…