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Algorand's Ex-CEO Takes the Helm: Inside Celsius' Comeback Plan

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Abstract generation in progress

Here’s the plot twist nobody saw coming: Steve Kokinos, who stepped down from Algorand back in 2022, is about to run the show at Celsius’ resurrection project.

The bankruptcy saga just got interesting. Court docs dropped Friday confirming Kokinos will lead “NewCo”—the entity that’ll inherit Celsius’ assets if creditors greenlight the Fahrenheit Holdings takeover by September 22. And this isn’t some random move: Kokinos is literally a co-owner of Fahrenheit alongside US Bitcoin (mining) and Arrington Capital (hedge fund).

The board lineup reads like a crypto power move:

  • Kokinos + Arrington Capital’s Michael Arrington + US Bitcoin’s Asher Genoot (ownership side)
  • Scott Duffy and Thomas DiFiore from Celsius’ creditor committee (creditor reps)
  • Frederick Arnold (Lehman Brothers holding company chair—bankrupt turnaround vibes)
  • Elizabeth LaPuma (WeWork audit committee head)
  • Emmanuel Aidoo (investment banker from Perella Weinberg, orchestrated the whole deal)

Translation? Fukushima-level nuclear rebuild with heavy hitters onboard.

The context: Celsius imploded July 2022. CEO Alex Mashinsky got arrested in July on securities fraud and token manipulation charges (pleaded not guilty). Now creditors are basically voting on whether to let Fahrenheit absorb the wreckage—potentially getting back some of their locked funds.

Deadline: September 22. The clock’s ticking on whether this restructuring actually pulls off a Lazarus move or becomes another L in crypto’s graveyard.

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