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.
• Major crypto firms have lost more than two dozen key executives.
• Many of the executives have joined competitor firms.

The turbulence that caused the bitcoin market to crash earlier this year and reverberated throughout the sector has eased. The C suite will now be reorganized.

Following unrest that continues to shake crypto firms, the market is experiencing a wave of management churn.

Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin are down by more than 50% from their all-time highs, while bitcoin cash is down 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. In an interview with Bloomberg, Lee said:

I do think the C suite will fail. I think it’s inevitable. It’s going to be a natural evolution of how these things work. There is too much focus on the C suite instead of the underlying technology

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

Over two dozen senior executives have left their positions in the last two months alone, including Brett Harrison of digital asset exchange FTX US, Jesse Powell, the chief outspoken from FTX rival Kraken, and Alex Mashinsky, the charismatic and contentious co-founder of the now-bankrupt cryptocurrency lender Celsius Network.

It is not unknown for new management to introduce changes that may cause short-term turbulence for a company’s stock price. However, so many senior executives have left their positions in such a short time suggests something more worrying at play.

The departures suggest that there are severe problems at many of the leading firms. Many executives have left to join rival companies, indicating that they do not believe their former employer can maintain its position in the market.