A series of leadership changes across the crypto space in February are reshaping parts of the industry’s executive ranks, even as companies insist the moves reflect strategy shifts rather than market stress.
Leadership Shifts Sweep Crypto Firms Amid Market Turmoil
11 February 2026 - 20:14 CET
By Ana Pereira
In recent weeks, senior figures have stepped aside or been reassigned at firms including JPMorgan Chase, Multicoin Capital and ZKsync, along with broader layoffs and changes at crypto exchanges.
Executive transitions across the industry
A senior leadership role has opened up at JPMorgan Chase’s blockchain division after Naveen Mallela stepped down as global co-head of Kinexys, the unit formerly known as Onyx.
Mallela confirmed in a LinkedIn post that he is leaving the bank to take on a new role. He had served as global co-head of Kinexys since August 2024 and was involved in JPMorgan’s innovation initiatives for roughly a decade.
Multicoin Capital co-founder Kyle Samani has also stepped back from his day-to-day management role and moved into an advisory position, the firm said in a letter to investors on 4 Feb.
Samani will remain involved as a thought partner and retains an economic stake in the firm’s performance. His duties have been assumed by co-founder Tushar Jain and partner Brian Smith, the venture capital firm said.
Another notable transition took place at zkSync’s developer, Matter Labs. The protocol's chief technology officer, Anthony Rose, announced his departure in an X post on 3 Feb after four years leading the protocol's technological development.
During his tenure, zkSync launched and scaled zkSync Era, its main zero-knowledge rollup.
Layoffs and hiring
Beyond executive reshuffles, workforce reductions have also hit parts of the sector.
Winklevoss-owned exchange Gemini is set to cut up to 200 jobs, or roughly a quarter of its staff, as part of a broader restructuring that includes scaling back operations in parts of Europe and Australia.
The exchange said it is refocusing its core US market as competition intensifies and trading volumes remain uneven, showing how crypto firms continue to adjust cost structures amid weaker digital asset prices.
Hiring, however, has not ground to a complete halt. Crypto-focused job boards still show active demand for Web3 talent, with more than 37,700 roles listed globally in early February.
Exchanges including OKX and Crypto.com have continued to advertise openings across engineering, compliance and product functions, according to positions available on the Web3 career page.
Weaker market sets the tone
The personnel shifts come amid a broader crypto market downturn.
Total cryptocurrency market capitalization sits near $2.3tn, down roughly 40% since early October, as of 11 Feb.
Over the same period, Bitcoin has lost about 45% of its value from highs of roughly $122,000, trading in the mid-$60,000s this week after a widespread market rout.
