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Former Algorand CEO to Take Charge of Celsius 2.0

1 min
Updated by Geraint Price
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In Brief

  • Crypto consortium Fahrenheit proposes Steve Kokinos, ex-CEO of Algorand, as new head of rebranded Celsius 2.0.
  • Fahrenheit and the Official Committee of Unsecured Creditors of Celsius have proposed seven new directors.
  • Celsius customers are now voting on asset and equity distribution as Fahrenheit acquires the bankrupt crypto lender.
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Crypto consortium Fahrenheit, which won the bid to acquire Celsius, has proposed appointing Steve Kokinos, the former CEO of Algorand, to take over Celsius 2.0, referred to as “NewCo.”

Celsius customers have been eagerly waiting for the conclusion of the bankruptcy proceedings. As Fahrenheit holds the company’s reins, it has proposed a new board of directors, including the former Algorand CE, Steve Kokinos.

New Directors For Celsius 2.0 (NewCo)

According to a court filing, Fahrenheit and the Official Committee of Unsecured Creditors of Celsius have proposed seven new directors. The crypto consortium solely selected two members, while the creditors solely selected three members. Fahrenheit and the creditors’ committee selected the remaining two members with mutual agreement.

Among this proposed board of directors, Kokinos is widely known to the crypto community for his previous stint serving as the CEO of the Algorand blockchain.

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The background of Steve Kokinos. Source: Court filings
The background of Steve Kokinos. Source: Court filings

BeInCrypto reported in May that Fahrenheit won the bid to acquire over $2 billion worth of Celsius’ assets. Celsius’s customers are now voting on how NewCo will distribute the assets and equity to account holders.

Meanwhile, a US judge seized former Celsius CEO Alex Mashinsky’s assets last week, including several bank accounts and residential property. Mashinsky was arrested in July 2023 on charges including fraud.

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
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