It was a black (or should we say ‘Red’) day for the Ethos Cryptocurrency today as it lost two huge team superstars!
Ethos CEO, Shingo Lavine, shared the shock announcement with the Community this morning, leaving loyal investors panic-striken!
So what has happened with the project that aimed to kill one of the biggest one stop shops for retail investors, Coinbase?
Today, Former BlackRock COO, Stephen Corliss, who became Ethos’ Chief of Global Strategy in August 2017 has left the company. The reason is unclear, however, it has been cited that Stephen has left to “pursue other interests outside Ethos”.
The same reason was used to explain the departure of Ethos’ second most significant team member – Vishal Karir, a former BlackRock asset manager. Vishal worked with Ethos as their Chief Investment Strategist from only March this year.
To add to the shock news, Ethos also announced the departure of their ‘Portfolio team’ – arguably a pivotal part of their wallet features.
It has been rumoured they were “no longer needed”… but are there more sinister power struggles taking place within the offices of Ethos?
Investors have been posting their fears over social media about the potential end of the Ethos era, a coin highly popularised since ICO by famous YouTube personality Suppoman. The price slumped from $0.326c this morning, to $0.296c within a few hours. It has since corrected to just over 31c.
With Coinbase moving into the institutional investor market, are they now going to leave Ethos behind to eat their dust?
Given their former executives worked at BlackRock, thus offering the experience to help Ethos compete in the institutional investor market, Ethos may have a huge battle ahead to get back to their glory days of $11.35.