Ex-Algorand CEO Steve Kokinos tapped to lead Celsius 2.0

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

article-image

mundissima/Shutterstock modified by Blockworks

share

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.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

Maple Finance has successfully navigated significant market challenges through its strategic pivot to secured lending (Maple v2) and the launch of its Syrup product. Syrup has become a primary growth driver, delivering sustainable, outperforming stablecoin yields and rapidly increasing TVL. The upcoming custody-first Bitcoin staking product (istBTC) presents another significant avenue for expansion. Crucially, Maple has achieved operational profitability, a key inflection point that, combined with a fully vested token and active buyback mechanism, strengthens its investment case. While valuation metrics suggest potential undervaluation relative to peers and growth, the primary forward-looking risk identified is the long-term sustainability of its current high-take-rate collateral staking revenue model.

article-image

In 2014, Microsoft virus scanners were detecting viruses in Bitcoin software

article-image

Ledn’s Mauricio Di Bartolomeo explained how this cycle’s been different for the lender

article-image

The shorts looking for funding range from charming animated series to gritty live-action dramas

article-image

Money, it turns out, is emergent, like consciousness

article-image

Bridge flows churn in both directions as risk appetite returns