Binance Executive Exodus | Winklevoss Twins Sue DCG

Personal issues, changes in crypto cited for departures. The Winklevoss twins up ante in bankruptcy dispute.

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Nina Bambysheva Senior Reporter, Forbes Money & Markets
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Steven Ehrlich Director, Forbes Digital Assets
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DEPARTING BINANCE EXEC CITES CHORES, GIRTH FOR EXIT

The fear, uncertainty and doubt (FUD) that Binance CEO Changpeng Zhao often shrugs off as short sighted is swirling around the world’s largest cryptocurrency exchange as several top executives have departed following legal actions against the company. They include General Counsel Hon Ng, Chief Strategy Officer Patrick Hillmann, Steven Christie, senior vice president for compliance, and Chief Business Officer Yibo Ling, according to separate reports by Fortune and Bloomberg.

Zhao cited changes in the “global environment for crypto,” the company’s maturation and “personal situations” as reasons for the exits and added that replacements have already been appointed, though he has not identified them. Christie and Hillman confirmed their resignations in separate statements on Twitter, echoing their former boss’s focus on the home front. “At this point I am simply tired,” wrote Christie. “And according to my wife fat, and need to lose some weight. And apparently I need to start helping around the house, do chores, and start making dinner a few times a week.”

GEMINI VS. DCG

The crypto exchange founded by billionaire twins Cameron and Tyler Winklevoss sued Digital Currency Group and its chief executive officer, Barry Silbert, in state court in New York on Friday, alleging “fraud and deception” pertaining to the defunct lending arrangement between Gemini and DCG’s Genesis Global Capital subsidiary.

Genesis owes more than $3.5 billion to its top 50 creditors, according to its Chapter 11 bankruptcy filing. Gemini users top the list at $766 million.

DCG responded to the lawsuit in a statement on Twitter, denying wrongdoing and calling the action “a publicity stunt from Cameron Winklevoss to deflect blame and responsibility from himself and Gemini." The company has also added that mediation among DCG, Genesis and Gemini and other creditors is nearing a conclusion.

CURRENT PRICE OF TOP 5 COINS (7-Day % Change)

Coin

Price

Percent Change

Bitcoin (BTC)

$30,214

0.46%

Ether (ETH)

$1,864

0.7%

Tether (USDT)

$1.00

0%

Biance Coin (BNB)

$235

0.41%

USD Coin (USDC)

$1.00

0.0%

Source: Forbes Digital Assets. Prices as of 4:00 p.m. on July 7, 2023.

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CRYPTO SPACS WITHER ON THE VINE

Wall Street may have re-entered bull market-territory, but increasing stock prices are not doing anything to revive investor interest in taking cryptocurrency companies public through special-purpose acquisition companies (SPACs).

Since the-frenzy of 2021 chilled at the onset of the crypto winter early the following year, nine digital-assets companies looking to go public through SPACs have abandoned their plans, according to data from SPACInsider. These include stablecoin issuer Circle, crypto exchange Bullish Global and brokerage eToro. With deals valuing the companies from $160 million to more than $10 billion, over $35 billion worth of announced crypto SPAC transactions have failed to be completed since March 2021.

Out of 26 announced crypto-related SPACs since 2021, according to data from SPACInsider, only one came to fruition in 2022 – bitcoin miner BitDeer. Five transactions worth $6.7 billion remain open, three of which are crypto miners.

Elsewhere

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