CEO Financial News

Across the entire crypto-market, Algorand [ALGO] was one of those that failed to register a massive uptick in July. ALGO relatively underperformed compared to protocols like Cardano [ADA] and Solana [SOL].

Binance CEO Changpeng Zhao has claimed that the company “does not own any equity” in Zanmai Labs, the parent company of Indian crypto-exchange WazirX. This, a day after India’s Enforcement Directorate (ED) froze WazirX’s bank balances worth $8 million earlier.

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Solana was the victim of a $6 million heist that cleared out over 8,000 wallets in the early hours of 3 August. The exploit happened the day after the cross-chain bridge, Nomad, was lost to another hack to the tune of $190 million.

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Bitcoin maximalist and co-founder of MicroStrategy, Michael Saylor, is stepping down as a CEO. He will be executive chairman of the software firm, focusing solely on Bitcoin.Saylor has transferred the responsibility to his deputy Phong Le, the company's current president. Following his departure, the company's shares (NASDAQ: MSTR) soared nearly 15% on August 3.

It wasn't long ago that Amazon, Shopify and Peloton doubled their workforces to manage through the pandemic surge, while Morgan Stanley staffed up to handle a record level of IPOs and mortgage lenders added headcount as rock-bottom rates led to a refinancing boom.

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The decision also comes as Robinhood posts second quarter results which show a 44% fall in revenues compared to the same period the year before on declining monthly active users and assets under custody.It also comes on the heels of a $30 million fine by New York State Department of Financial Services for "significant" anti-money laundering, cybersecurity and consumer protection violations at its crypto unit.In a message to staff, Tenev says the cuts will be concentrated in the operations, marketing, and program management functions."As CEO, I approved and took responsibility for our ambitious staffing trajectory - this is on me," writes the CEO.In addition to the job cuts, Robinhood is moving to a general manager structure in order to "flatten hierarchies, reduce cross-functional dependencies, and remove redundant roles and positions".

Credit Suisse shares slipped on Wednesday after Goldman Sachs downgraded the stock to «sell» following credit rating downgrades from Moody's and S&P.

Michael Saylor, the CEO of MicroStrategy corporation and one of the biggest Bitcoin advocates, has handed over his CEO role to his deputy personnel.  

MicroStrategy CEO Michael Saylor said he would step down from the top job next week and assume the role of executive chairman, as his company reported a loss of $1.06bn in the second quarter.

Check out the companies making headlines in extended trading.

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.

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Multinational financial services company Charles Schwab is set to launch its first crypto-themed ETF on the New York Stock Exchange (NYSE). The ETF expects to be launched in the coming week, according to a prospectus filed with the United States Securities and Exchange (SEC) Commission on July 29.

Apple and Google, two of the most valuable companies in the tech space, are being accused of facilitating crypto-related fraud. These organizations are being pressed for information by U.S. Senator Sherrod Brown (D-Ohio), the head of the Senate Banking Committee.

The co-founder and CEO of Sky Mavis moved about $3 million in crypto tokens prior to the disclosure details of the $540 million Ronin bridge hack in March, Bloomberg reported.

Decentralized finance (DeFi) protocol Aurigami has raised $12 million in token rounds, according to The Block.