Hello and welcome to the FT’s Cryptofinance Newsletter. This week, we’re taking a look at Jesse Powell’s decision to step down as Kraken chief executive.
The crypto industry isn’t as young as its supporters would have you believe. It’s been busy growing up with a whole host of C-suite names that have become synonymous with the brand of crypto itself.
But the market’s near-unprecedented crash earlier this year didn’t just cost thousands of people their jobs (here’s to you, Coinbase, Gemini, Crypto.com and several others), its effects are now creeping over some of crypto’s most vocal and controversial personalities.
This week Jesse Powell, the controversial 40-something industry pioneer, said he would step down as chief executive of crypto exchange Kraken. He joins MicroStrategy’s Michael Saylor, Michael Moro of Genesis and Alameda’s Sam Trabucco to leave senior posts during the current downturn.
These resignations come hot off the heels of some far more serious catastrophes in the industry, capturing Alex Mashinsky, chief executive of bankrupt crypto…