New Celsius 2.0 company board proposal released, led by former Algorand CEO News ▸ US ▸ Celsius ▸ Algorand ▸ Bankruptcy
New Celsius 2.0 company board proposal released, led by former Algorand CEO
Celsius bankruptcy proceedings inches closer to its end.
2 min read
Updated: Sep. 11, 2023 at 2:53 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bankrupt crypto lender Celsius has proposed the appointment of Algorand’s blockchain former chief executive officer Steven Kokinos as the CEO of the new company that will take over its operations, according to court filings.
Kokinos, who left Algorand in 2022, is the co-owner of Fahrenheit Holdings and Arrington Capital. The filing described him as a serial entrepreneur and investor with over 25 years of experience “founding and operating companies ranging from internet infrastructure, cloud software, communications, and crypto.”
Other board members
Other board members listed in the filing included the two co-chairs of the Celsius Creditors Committee, Scott Duffy and Thomas DiFiore. Of the nine board members, six were appointed by the creditor committee.
The proposed board members also included an executive of Fahrenheit, Asher Genoot, and an Arrington Capital hedge fund executive, Michael Arrington. Genoot is also the president of US Bitcoin Corp, the BTC mining company that recently agreed to host 8500 mining rigs belonging to the bankrupt crypto lender
Other board members are Frederick Arnold, Max Holmes, Elizabeth LaPuma, and investment banker Emmanuel Aidoo.
Updates on Celsius bankruptcy
The filing before the court contained the Certificate of Incorporation for the new company and its bylaws. It also included other relevant documents and agreements necessary for Celsius liquidation.
Celsius is edging closer to concluding its bankruptcy proceedings with this recent filing. The crypto lending platform filed for bankruptcy in July 2022 amid a record market downturn that claimed several similar firms.
Since then, U.S. authorities, including the Securities and Exchange Commission (SEC), have brought charges against the company and its co-founder and CEO, Alex Mashinky. Additionally, the court froze his assets and prohibited any transactions.
Meanwhile, Celsius creditors’ are currently participating in a vote to determine whether to approve the company’s acquisition by Fahrenheit. The voting process is scheduled to conclude later this month.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Algorand removes the technical barriers that for years undermined mainstream blockchain adoption: decentralization, scale, and security.
Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
Alex Mashinsky, born in 1965 in the Soviet Union to a Jewish family, moved to Israel in the 1970s.
