Digital Currency Group CFO Michael Kraines Stepped Down in April

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.

Edited by Nick Baker.