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Crypto Shakeout Engulfs the C-Suite as CEOs Start Leaving (1)

Sept. 22, 2022, 10:10 AM

The cryptocurrency industry’s epic shakeout, having cost thousands of jobs and set off a round of consolidation, is reaching the corner office.

Crypto exchange Kraken announced on Wednesday that co-founder Jesse Powell will step down as CEO, to be replaced by Chief Operating Officer David Ripley. The reshuffle comes shortly after Genesis’s Michael Moro and Bitcoin evangelist Michael Saylor, along with Sam Trabucco of Alameda Research, relinquished top positions.

Jesse Powell
Photographer: David Paul Morris/Bloomberg

The raft of successions sets the stage for a changing of the guard in the roughly decade-old industry. Many of crypto’s most prominent leaders, like Powell, are technologists who ...