BlockTower Capital Conceals Departure of Two Executives
The Florida-based hedge fund BlockTower Capital is pursuing suitable candidates for its investment unit after the director and general partner stepped down. The hedge fund received resignation letters from the company’s general partner Michael Bucella a few days ago. In September 2022, the company’s head of Asia and Pacific investment units, Steve Lee, left the firm to pursue other opportunities.
According to information from two people privy to the matter, the departure of the two top executives compels the firm to seek suitable candidates for the role.
Massive Resignation of Executives in the Crypto Sector
BlockTower Capital is a leading institutional investment company in Miami, Florida. The hedge fund has invested in improving the crypto space to sustain its operation and increase its geographical presence amid an ailing crypto market. BlockTower has made remarkable moves in exploring decentralized finance (DeFi) to meet the customers’ needs and cope with the dynamism in the digital space.
Despite the efforts, hackers have been eyeing the BlockTower system for their gains. On February 17, hackers compromised the BlockTower Capital system heisting with over $1.5 million.
A statement from the company dated February 17 revealed that hackers identified a system vulnerability on BlockTower smart contracts draining all the funds from the institutional investors’ wallets.
Following this, a February 21 report issued by two people revealed that the company’s general partner Michael Bucella exited the company for undisclosed reasons. Bucella’s departure mirrors Steve Lee’s resignation that took place last September.
A review of Lee and Bucella’s career backgrounds revealed that the two executives were Goldman Sach alumni. Based on the February 21 report, BlockTower Capital concealed the departure of two executives until two people privy with the case revealed to the public.
Why are Executives Resigning in the Crypto Industry?
The attempt to survive the unprecedented crypto market has exposed most companies to cut-offs and the resignation of executives.
Recently, the head of the technical team at Composable Finance Karel Kubat stepped down, citing unethical management. This month the tech and fintech industry has been hit by significant resignations of the company’s core team.
On February 4, the head of product development at Mastercard Foundation, Satvik Seth, left his role. In his addresses, Seth lamented poor management practices that contravened the employment agreement.
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