Ex-Algorand CEO Steve Kokinos tapped to lead Celsius 2.0

According to court filings, the board will be expanded to nine seats


mundissima/Shutterstock modified by Blockworks


NewCo may soon have a new CEO. 

The new company would rise from the ashes of the bankrupt crypto lender Celsius.

A filing on Friday, Sept. 8 nominates nine new directors and Steve Kokinos as CEO. 

The plan, which the creditors and Fahrenheit put together, boosted the number of seats on the board from seven to nine. 

Kokinos stepped down as CEO of Algorand in July of last year. He’s also a co-owner of Fahrenheit, which won the auction for Celsius in May of this year. As part of the deal, Fahrenheit took control of around $500 million worth of liquid crypto.

“Kokinos has been a serial entrepreneur and investor for over 25 years, founding and operating companies ranging from internet infrastructure, cloud software, communications and crypto,” the 170-page document said.

Michael Arrington, the founder of Arrington Capital, is also named as a possible board member in the documents. Arrington Capital is also an equity owner of Fahrenheit. 

Other board members include Thomas DiFiore, Scott Duffy, Emmanuel Aidoo, Elizabeth A. LaPuma, and Fredrick Arnold.

Celsius received court approval on its disclosure statements detailing a plan to sell assets to Fahrenheit in August. With the approval, the bankrupt crypto lender moved a step closer to exiting the bankruptcy process. 

Earlier this summer, the Commodities Futures Trading Commission, Federal Trade Commission and the US Securities and Exchange Commission. The CFTC claimed that Celsius “duped” customers into depositing crypto on Celsius.

The Department of Justice also charged ex-Celsius CEO Alex Mashinsky with defrauding customers. According to recently unsealed documents, the DOJ froze Mashinsky’s assets in August.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. What you can expect: And more! Don’t miss out on the opportunity to be in the room when the future of crypto is decided. Join us and help shape the future of our […]

recent research

Research report - cover graphics-2.jpg


Base has doubled-down on its commitment to the Superchain vision, has shown early signs of success with nearly $400M in TVL, and has become home to novel dapps such as friend.tech which has seen significant traction.


Certain creditors could be repaid sooner, with one hedge fund exec telling Blockworks it expects a payout by the end of the year


Busan is South Korea’s second largest city with a population around 3.4 million


Cyprus granted eToro crypto registration, setting the groundwork for the company to operate crypto services post-MiCa rollout



These are the best tools and practices you can leverage to defend against crypto market volatility


The agency alleges around 1,160 customers used the margin product, losing about $8.35 million since Oct. 2021.


On Thursday, the Securities and Futures Commission issued a statement disavowing any communication with JPEX saying that the platform is unlicensed