This article has been republished with permission from Binance News.
According to CoinDesk, Steve Kokinos, the former CEO of Algorand, is set to become the CEO of the company that will take over the operations of bankrupt crypto lender Celsius. The news comes from court filings on Friday, which also revealed that two members of Celsius’ creditor committee will be on the board of the new company. Celsius filed for bankruptcy in July last year, and creditors are currently voting on whether to sell the company to Fahrenheit Holdings, which could result in the partial return of their holdings.
Kokinos left his position at Algorand, a staking-based blockchain, in July 2022. He is a co-owner of Fahrenheit, along with mining company US Bitcoin and hedge fund Arrington Capital. The executives of these companies, Asher Genoot and Michael Arrington, will also sit on the board of the new company, referred to as NewCo in the filings. The NewCo board includes Scott Duffy and Thomas DiFiore, the two co-chairs of Celsius’ creditor committee, who were appointed after lengthy discussions with the committee’s legal and financial advisors.
Other board members include Frederick Arnold, chairman of the holding company operating the estate of bankrupt Lehman Brothers; Elizabeth LaPuma, who heads the audit committee at commercial real estate company WeWork; and Emmanuel Aidoo, an investment banker from Perella Weinberg who had previously worked on the deal. Creditors have until September 22 to approve the sale plan. Celsius’ former CEO Alex Mashinsky was arrested in July on charges of securities fraud and manipulation of the CEL token, and has pleaded not guilty.