Steve Kokinos Positioned to Lead Celsius Recovery as Creditor-Backed Board Emerges

The restructuring of Celsius, the once-prominent digital lending platform that collapsed amid the 2022 crypto downturn, is moving forward with a slate of new leadership. According to court documents filed Friday, Steve Kokinos—formerly chief executive of Algorand, a major staking-based blockchain—will assume the top role at the newly formed company inheriting Celsius’ operations. The leadership transition represents a significant moment in the firm’s bid to emerge from bankruptcy protection, with creditors set to vote on whether to approve the sale to Fahrenheit Holdings.

From Algorand Leadership to Restructuring the Sector

Steve Kokinos departed Algorand in July 2022, leaving his position as CEO during the blockchain network’s critical development phase. His appointment to helm the recovery effort reflects his track record spanning more than 25 years of building and operating enterprises across internet infrastructure, cloud computing, communications, and digital assets. The newly constituted board—referred to in filings as NewCo, a Delaware corporation still awaiting an official name—positions Kokinos at the center of a multifaceted effort to salvage the platform and return value to stakeholders who lost funds during Celsius’ failure.

Fahrenheit Holdings, the investment vehicle orchestrating the acquisition, brings together several prominent players in the digital asset sector. Alongside Kokinos, the company’s leadership includes Asher Genoot from US Bitcoin, the mining operation, and Michael Arrington of Arrington Capital, the influential crypto-focused hedge fund. These executives, selected for their deep sector expertise, comprise the core of what will become Celsius’ operational leadership under new ownership.

Board Composition: Creditors Meet Industry Veterans

The reconstituted board reflects a carefully negotiated balance between creditor interests and industry expertise. Scott Duffy and Thomas DiFiore, the two co-chairs of Celsius’ creditor committee, secured seats on the nine-member board as representatives of those owed money by the bankrupt platform. Their inclusion came after extended discussions between the committee, its legal advisors, and financial consultants, underscoring the importance placed on protecting creditor interests throughout the restructuring process.

Beyond Kokinos, Genoot, and Arrington, the board includes three additional directors with substantial crisis management and finance credentials. Frederick Arnold, chairman of the holding company managing Lehman Brothers’ bankruptcy estate, brings invaluable experience navigating complex financial restructurings. Elizabeth LaPuma, who heads the audit committee at commercial real estate platform WeWork, offers governance expertise from another high-profile recovery effort. Emmanuel Aidoo, an investment banker from Perella Weinberg, rounds out the team after contributing directly to the deal’s negotiation and structure.

The Road Ahead: Creditor Vote and Recovery Timeline

The restructuring deal requires formal approval from Celsius’ creditor base, with voting set to conclude by September 22. This window represents a critical juncture for stakeholders, as passage of the acquisition plan could unlock at least partial recovery of their holdings—a significant outcome for those caught in the platform’s 2022 collapse. The involvement of creditor committee co-chairs on the board provides an additional layer of oversight, ensuring that recovery efforts remain aligned with the interests of those seeking compensation.

Steve Kokinos’ appointment signals confidence that experienced digital asset leadership, combined with turnaround expertise and creditor oversight, can successfully navigate the complex task of rebuilding Celsius’ operations. The convergence of these elements positions the recovery effort as one of the sector’s most closely watched restructurings, with implications extending beyond Celsius to how the broader crypto industry addresses platform failures.