Learn about the newly released Celsius 2.0 company board proposal, led by the former Algorand CEO. This exciting development in the cryptocurrency industry brings together top leaders to drive innovation and growth. Discover how this board aims to shape the future of Celsius and enhance its position as a leading player in the market. Read more now!
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.
Title 1: Former Algorand CEO to Lead New Celsius 2.0 Company
Celsius, the bankrupt cryptocurrency lender, has announced its proposal for the appointment of Steven Kokinos, the former CEO of blockchain platform Algorand, as the CEO of the new company set to take over Celsius’s operations. The court filings reveal that Kokinos, a renowned serial entrepreneur and investor with extensive experience in various industries, left Algorand in 2022 and is currently the co-owner of Fahrenheit Holdings and Arrington Capital. Alongside Kokinos, the proposed board members of the new company include industry experts and executives from Fahrenheit and Arrington Capital, as well as representatives from the Celsius Creditors Committee.
Title 2: Updates on Celsius Bankruptcy and Potential Acquisition
Amidst its ongoing bankruptcy proceedings, Celsius is inching closer to a resolution with the recent court filing. The filing contains key documentation, such as the Certificate of Incorporation and bylaws for the new company, required for Celsius’s liquidation. Following its bankruptcy filing in July 2022 during a challenging market period, Celsius has faced legal actions from regulatory bodies like the SEC, leading to the freezing of assets and charges against its co-founder and former CEO, Alex Mashinky. Presently, Celsius creditors are participating in a vote to determine the potential acquisition of the company by Fahrenheit, with the voting process set to conclude later this month.
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