Phil Potter, Bitfinex Chief Strategy Officer Quits

Chief Strategy Officer (CSO) Phil Potter of Bitfinex crypto exchange is resigning from the company. Potter will be replaced in the interim by Bitfinex CEO, Jean-Louis van der Velde.

Potterer, who once worked at Morgan Stanley was one of three main Bitfinex managers, including the CEO and a chief financial officer based in Europe.

Bitfinex, one of the largest virtual-currency markets, has been a particular mystery in the crypto world since it lost its link to U.S. banking when Wells Fargo & Co. ending their relationship. Tether, a digital currency traded on crypto exchanges worldwide, has faced its share of questions as well, particularly whether it, in fact, holds one dollar for every Tether in circulation as it claims. Earlier this week, Tether released an analysis of its bank accounts by a law firm it says shows it had adequate dollar reserves. The report wasn’t an audit.

Earlier this month a University of Texas research paper alleged Tether’s token could have been used to manipulate bitcoin’s price last year during its meteoric rise. This week a Washington-based law firm co-founded by former FBI director Louis J. Freeh said in a report released by Tether the company had enough U.S. dollar reserves as of June 1 to back its virtual coins in circulation. The report was not a full audit.

Potter commented that it was the “natural time for [him] to depart the executive team” while Bitfinex turned to “other strategic international markets.”

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