By Kimberly Crain
The German-based fintech company Composable finance has a new vacancy for the chief technical officer role following the exit of Karel Kubat . The outgoing head of technology, Karel Kubat, penned the resignation letter on February 20, citing unethical business practices.
Kubat regretted that the company engaged in susceptible transactions limiting the attainment of the company’s core values.
Composable Finance Battles Resignations from Executives
The cross-chain company Composable Finance was established in 2021 to provide grants programs and technical assistance to companies. The tech company has been at the forefront in exploring the Polkadot parachain, NFT, blockchain and Web3 projects.
Composable Finance’s dedicated team gained global recognition after scooping the eighth position in the Polkadot parachain event held in January 2022. Despite the effort, the company’s chief technology officer announced plans to exit from the company on February 20.
Kubat Unexpected Departure
According to Kubat’s resignation letter dated February 20, he revealed that the tech firm’s financial reports lacked transparency. He lamented that the operation of Composable management contravened the international financial laws and company constitution that mandate companies to publish their accounting reports.
In his addresses, Kubat revealed that the Composable community lacked crucial information concerning the company’s financial health due to the company’s unethical culture.
The Kubat report revealed the unethical behaviors conducted by Composable management that affected his career growth . He stated that the tech firm reinvested the company revenues in trading and engaged in unlawful transactions.
Composable Finance Unethical Practices
Despite the efforts made by the regulatory team to supervise digital activities, non compliance rates are spiking. In a follow-up tweet, Kubat blamed the Composable management for failing to abide by the law. The February 20 tweet revealed that unethical management compelled Kubat to resign.
Meanwhile, Composable Finance updated the Twitter community on February 20 about the departure of Kubat. The composable support team assured the community to respond to any concerns about Kubat’s resignation.
Kubat’s move replicates the massive resignation of crypto executives due to uncertainty in crypto markets and unhealthy work conditions.
Presently, Mastercard NFT product development manager Satvik Seth left the company due to an unhealthy work culture. In his February 4 post, Seth lamented that Mastercard management breached the employment contract limiting him to enjoy the agreed compensations and benefits. He revealed that the management withheld his salary and restricted access to the company system.
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