In recent times, the number of layoffs and top executives making their exit in the crypto industry has been alarming. The latest is the instantaneous resignation of BitMex CEO Alexander Höptner who joined the cryptocurrency exchange in January 2021.
Effective immediately, Stephan Lutz the current Chief Financial Officer of BitMex will take over from him as the Interim CEO.
However, Lutz will continue in his previous position as the CFO while also carrying out the duties of the CEO. Höptner was employed as CEO of 100x Group, the holding group for HDR Global Trading Limited, owner and operator of the BitMEX platform. At that time, he was taking over from Arthur Hayes who left because of a series of lawsuits against him.
Onboarding Alexander Höptner on BitMex
The German showed so much enthusiasm when he was appointed to take over from Hayes. He promised to play a crucial role in the advancement of 100x Group and the BitMex platform.
“I am proud to join 100x Group because I share the global ambition and audacity of its founders and employees to create an ecosystem of cryptocurrency technology that will improve lives,” he said.
Prior to BitMex, Höptner was the CEO of Börse Stuttgart GmbH and Euwax AG for more than three years. Notably, the firm became a pioneer of digital asset trading under Alex’s leadership as Germany’s first regulated cryptocurrency trading venue. Börse Stuttgart GmbH exchange became the European Union’s first traditional exchange operator to become a regulated crypto multilateral trading facility.
In other firms, Höptner has equally served as an executive member on different committees and several supervisory boards. He gave almost fifteen years of his life working at Deutsche Börse AG in different roles.
Owing to the crypto blood bath which has been ongoing, the Seychelles-based exchange announced plans to commence massive layoffs. In effect, 25% of BitMex employees were laid off leaving the firm with only 225 members of staff at the time. Many believed that the retrenchment exercise was to adjust the workforce to accommodate new changes that the coming phase of operations will generate.