Amid the bearish market, many CEOs are resigning from their post and are shifting to new Web3 ventures. This action is subjective and makes things complicated for investors. Some investors are getting worried about the future of crypto and are in a difficult situation to make further decisions.
Alex Maschinsky is the latest to join this list. The CEO of bankrupt lender Celsius resigned from his post, putting the papers last week.
Maschinsky’s exit, of course, is nothing less than a soap opera story. The Charismatic and well-spoken CEO of Celsius tried to save the company before this year’s market turmoil, offering yields as high as 18%, and self-described it as a poor asset deployment decision.
He and another celsius executive planned to rebuild the company with a focus on the custody and safe storage of customers” crypto funds.
This move of Maschinsky has left the investors, which is also seen in most recent similar cases. Many are concerned about the deposit on the exchange platforms. So now, this is an uncertain situation where investors find themselves in a difficult position.
In August, the owner of Zebpay also resigned from the CEO post to start his new project in the Web3 workspace. He is likely to venture into new crypto-tax compliance issues.
A few months ago, in February, WazirX CEO Nishchal Shetty and Siddharth Menon resigned from their daily activities. Wazirx is India’s top crypto exchange platform backed by Binance, the world’s leading crypto exchange.
Now Shetty has started his Web3 project, Shardeum and Siddharth have begun focusing on the Tegro marketplace.
Key points
- In August, the owner of Zeba pay resigned from his post to start a new position in Web3 Space.
- Maschinsky and another Celsius executive planned to rebuild the company with better fund security and focus on custody.
- Edul Patel, CEO of and co-founder of Mudrex, said that the resignation of CEO’s will not have any impact on investor funds.
What does resignation mean to investors?
Investors have a lot of questions in their minds about why CEOs are resigning from the crypto exchange. They are in trouble if they lose their hard-earned money.
Despite this, the professionals come with a defensive statement that there will be no loss of money if any of the CEOs resign from the crypto exchange. Of course, there might be some changes in the organization, but every exchange has a core principle to protect investors’ capital in every situation.
Edul Patel, CEO of and co-founder of Mudrex, a global crypto exchange platform said in a statement that investment would not be affected if the CEO resigns from their position. Instead, it will usher in some new changes in the organization.
Protecting investors” funds is a core principle for any organization although they could have different values. Many estimated reports show that countries like India could have more than 10 million crypto users, stressing the importance of protecting and safeguarding crypto space. The global crypto market has held $954 billion in recent days.
Industry experts state that every country has many users who are investing in the crypto industry. Every country has some rules and regulations, so investors and traders don’t need to worry about anything.
While some CEOs said that the crypto market remains volatile all the time, and that’s why traders need to be mindful while making investment decisions. Crypto investments always have some risks like other investments, and users should be familiar with all the market risks before any investment.
Founder and CEO of WeTrade said that investors should be mindful of the market whether they are making any investment, especially in cryptos because of their high volatility. Additionally, investors should also be cautious while making any investment.
Will resignation have any impact on the crypto industry?
Everyone has different views on the actions taken by CEOs of varying crypto exchanges. Some experts are also worried, while others are calm after this action.
The CEO of Cashaa also came up with a statement that we saw only a few upgrades or changes in the bullish market. Still, when the market goes down, it becomes more evident because of shareholder pressure.
He boldly states that the authorities should remove all the unfit companies in the market and the people associated with those companies.
In the future, we will learn the impact on the market of the actions taken by CEOs of all these exchanges.
Conclusion
Like the broader tech industry, the crypto world is also looking for a change, and thus, new viewpoints are seen within the industry. Resignations of these people vary on a case-by-case basis. Often, these are individual decisions or the result of a company’s broader pressure.
FAQs
Q. Why are CEOs stepping down recently?
Ans. The recent resignations of CEOs are the result of the exchanges” downfall. They have emotions like the other workers in the organization. Recent studies revealed that there are too many CEOs of a new organization in large numbers. They are bored and stressed and want to look for further changes.
Q. Are investors leaving crypto?
Ans. It’s About the regulation of cryptocurrencies. Investors are looking for low-risk ventures. However, cryptocurrencies are one of the most profitable investments, and those willing to make profits invest in cryptocurrencies.
Q. What happens if crypto is delisted from an exchange?
Ans. Suppose an asset is delisted from an exchange. It means trading pairs are removed from the exchange platform. It doesn’t mean that assets will be removed from all the exchange platforms. The asset can still be available for trade on other exchange platforms.
Q. Is it better to hold crypto on an exchange or a wallet?
Ans. Keeping crypto in a non-custodial wallet is a better option. This is because you can control the keys of your wallet and safeguard your assets. When You store your funds on the exchange, a third party has the keys, but in the case of a wallet, you have full access to your assets.
Q. When to exit a crypto position?
Ans. Ideally, the time to exit from the crypto position is when you have made significant gains.
