Ex-Algorand Boss Steve Kokinos Tapped as CEO for Firm Buying Celsius

Steve Kokinos has been proposed as CEO for the company buying Celsius, according to court filings.

The former Algorand CEO—who stepped down from that role in July 2022—is among nine names appointed to the board of the appropriately-named Fahrenheit Holdings.

Other well-known names include Michael Arrington, who founded his eponymous crypto hedge fund Arrington Capital after being an early investor in Uber and Pinterest.

The court documents, submitted on Friday, reveal that the Official Committee of Unsecured Creditors played a prominent role in the hiring process.

Ice Cold: Feds Freeze Celsius Founder Alex Mashinsky’s Assets

Feds hit alleged crypto conman and ex-CEO of Celsius Network Alex Mashinsky with seven criminal charges in July—and now they want to freeze his assets. A court order filed yesterday shows the Department of Justice has ordered Mashinksy’s numerous bank accounts frozen. The filing orders that no money should be able to leave bank accounts at Goldman Sachs, Merrill Lynch, First Republic Securities, SoFi Bank and SoFi Securities. It also mentions a Texas property owned by Mashinksy and shared wi…

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Mat Di SalvoSep 6, 2023

The committee, which represents the interests of Celsius customers who remain out of pocket following its dramatic collapse, was responsible for appointing six of the nine board members. Scott Duffy and Thomas DiFiore—the committee’s two co-chairs—have also been given seats at the table.

Fahrenheit Holdings—which is backed by US Bitcoin, Arrington Capital and Kokinos—emerged as the winning bidder for the insolvent lender back in May. At the time, it was announced that the consortium would take over Celsius’s institutional loan portfolio, staked crypto, and Bitcoin mining unit.

Celsius customers vote

Celsius customers are currently voting on the proposals, and have until September 22 to file objections. If approved, it would be a significant milestone in dragging the embattled lender out of Chapter 11 proceedings.

Photographs and biographies of each board member were provided, with Kokinos described as a “serial entrepreneur and investor for over 25 years, founding and operating companies ranging from internet infrastructure, cloud software, communications, and crypto.”

Other appointees currently hold board positions at WeWork and Lehman Brothers.

The battle to get Celsius on a firmer financial footing comes as criminal proceedings take place against its former CEO Alex Mashinsky. Last week, the Department of Justice took steps to freeze Mashinsky’s assets, after he was slapped with seven criminal charges back in July.