One of the leading bitcoin miners, Argo Blockchain, announced that its CFO and CEO, Alex Appleton, has resigned from his position.
Several other crypto (or related) executives have left their posts during the prolonged bear market. Such examples are FTX’s Sam Bankman-Fried, Celsius Network’s Alex Mashinsky, Kraken’s Jesse Powell, MicroStrategy’s Michael Saylor and many others.
last on the list
Alex Appleton, who spent two and a half years at Argo Blockchain, will no longer be the company’s CFO. According to a post on Twitter, he will focus on opportunities other than the crypto mining sector.
Argo announced today that Alex Appleton has resigned from his roles as CFO and CEO to pursue other opportunities.
We thank you for your important contributions and wish you all the best in your future endeavors!
RNS: https://t.co/OEX1DmMcWl#ARB $ARBK #BTC
— Argo (@ArgoBlockchain) February 1, 2023
Departing, Appleton said he was proud of his accomplishments at the firm. He added that the niche has “great potential” and wished his former teammates “the best” for the future.
His departure comes shortly after Argo Blockchain agreed to sell its Helios facilities to Mike Novogratz’s Galaxy Digital for $65 million and thus reduce its total debt.
Crypto winter and a severe storm that passed through Texas around Christmas severely crippled the company’s operations. He mined only 147 BTC in December, around 25% less than production levels recorded in November. Argo had 141 BTC at the end of 2022, which was equivalent to approximately $3.2 million (calculated at today’s prices).
Who else quit?
The list of crypto industry-related executives who have resigned their positions stretches far and wide, and here are some of the most famous people.
The starting spree started with Jack Dorsey, the former CEO of Twitter and a keen bitcoin advocate, who give up at the end of 2021.
The trend intensified during the 2022 bear market. Compass Mining CEO Whit Gibbs and CFO Jodie Fisher Low in June, while Binance Labs lost its leader: Bill Qian. CEO of blockchain company Algorand – Steven Kokinos – he did the same in July.
August began with the resignation of bitcoin enthusiast Michael Saylor. He displaced from MicroStrategy’s CEO to its Executive Chairman.
Kraken founder Jesse Powell United the club in September after serving as CEO of the cryptocurrency exchange for more than a decade.
Michael Moro of Genesis left a few days later, but that did not alleviate the situation of the platform. He archived for Chapter 11 bankruptcy protection at the end of January 2023.
Celsius Alex MashinskyBitMEX alexander hopnerand Polkadot gavin wood He also submitted his resignation.
FTX’s infamous crash sparked a new wave of outgoing executives in November of last year. Caroline Ellison and Gary Wang, who run Alameda Research, lost their jobs and then begged guilty of federal criminal charges for helping Sam Bankman-Fried orchestrate a fraudulent scheme.
SBF too give up as chief executive of FTX, but said he should not be blamed for the gigantic collapse of his trading venue that led to multi-billion-dollar losses for investors.
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