Former Celsius Executive Secures New Role at JPMorgan Chase
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Former Celsius Executive Secures New Role at JPMorgan Chase

2 Minuten
1 year ago

The appointment is all the more surreal considering JPMorgan's CEO, Jamie Dimon, recently told politicians that cryptocurrencies are nothing more than "decentralized Ponzi schemes."

Former Celsius Executive Secures New Role at JPMorgan Chase

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A former executive at bankrupt Celsius Network has well and truly landed on his feet — securing a new role in the most unexpected of places.

Aaron Iovine, who served as head of policy for the doomed crypto lender, has now assumed a similar position at JPMorgan Chase.

It seems the U.S. banking giant wasn't all that concerned about Iovine's involvement in Celsius, where 300,000 customers with a balance of at least $100 remain locked out of their accounts.

The appointment is all the more surreal considering JPMorgan's CEO, Jamie Dimon, recently told politicians that cryptocurrencies are nothing more than "decentralized Ponzi schemes."

Celsius Network has suffered an exodus of talent in recent months as it goes through bankruptcy proceedings — and Bloomberg Law says Iovine was in post for just eight months.

Embattled CEO Alex Mashinsky announced he was stepping down last month after admitting that his presence "has become an increasing distraction."

It later emerged that the co-founder was facing pressure to step down from the official committee of unsecured creditors, representing Celsius users who remain out of pocket.

After an investigation, they concluded that allowing him to remain as CEO "was unacceptable and not in the best interests of the estates, and new executive leadership was required."

Celsius had suddenly suspended withdrawals back in June — blaming "extreme market conditions — and leaving thousands locked out of their life savings.

Other recent departures include co-founder and chief strategy officer Daniel Leon, with multiple reports suggesting top executives withdrew millions in crypto before Celsius collapsed.

What's Going on at JPMorgan?

Given Dimon's long-running and visceral hatred for cryptocurrencies, you might be wondering why JPMorgan is even hiring crypto specialists at all.

But as a recent LinkedIn vacancy shows, Iovine isn't the only person who is being recruited from this nascent sector.

The bank is currently hunting for a "highly skilled lawyer" to join its digital assets legal team — and they'll be tasked with advising "on a wide range of regulatory and compliance issues."

Drama surrounding Celsius shows no sign of abating, and court filings recently revealed that Kirkland & Ellis has already received millions of dollars in retainer payments.

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