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Digital Currency Group, CoinDesk’s parent company, said Chief Financial Officer Michael Kraines stepped down in April, two years after his appointment in the role.
The crypto conglomerate has engaged Heidrick & Struggles for a new CFO search, according to a first-quarter shareholders letter seen by CoinDesk. DCG President Mark Murphy and Chief Strategy Officer Simon Koster will be co-leading the finance department in the meantime, the letter said.
The change follows DCG posting a $1.1 billion loss in 2022, citing plunging crypto prices and the restructuring of its lending platform, Genesis.
DCG also fully repaid a $350 million senior secured term loan during the first quarter, which was issued by a lender syndicate led by Eldridge.