Crypto lender Celsius, which found itself in bankruptcy, has put forth a proposal for the appointment of Steven Kokinos, the former CEO of Algorand’s blockchain, as the new CEO for the company set to take over its operations. This development has been detailed in court filings.
Kokinos, who parted ways with Algorand in 2022, is the co-owner of Fahrenheit Holdings and Arrington Capital. The filing characterizes him as a seasoned entrepreneur and investor with a rich history spanning over 25 years, marked by founding and running companies across various domains, including internet infrastructure, cloud software, communications, and crypto. Notably, the filing also lists other board members, among them the co-chairs of the Celsius Creditors Committee, Scott Duffy and Thomas DiFiore. Out of the nine board members, six were designated by the creditor committee.
The proposed board lineup also encompasses Asher Genoot, an executive at Fahrenheit, and Michael Arrington, a hedge fund executive at Arrington Capital. Genoot holds the additional role of president at US Bitcoin Corp, the BTC mining company that recently agreed to host 8500 mining rigs owned by the bankrupt crypto lender. Completing the roster are Frederick Arnold, Max Holmes, Elizabeth LaPuma, and investment banker Emmanuel Aidoo.
Contained within the court filing is the Certificate of Incorporation for the new company, along with its bylaws and a collection of other pertinent documents and agreements crucial to Celsius’ liquidation process.
This development brings Celsius closer to the conclusion of its bankruptcy proceedings. The crypto lending platform initially filed for bankruptcy in July 2022, during a turbulent period in the market that led to the demise of several similar firms. Subsequently, U.S. authorities, including the Securities and Exchange Commission (SEC), have levied charges against the company and its co-founder and CEO, Alex Mashinky. In parallel, the court has imposed asset freezes and transaction restrictions on Mashinky. Meanwhile, creditors of Celsius are currently participating in a vote to decide whether to approve the acquisition of the company by Fahrenheit. The voting process is slated to conclude later this month.
