Aptos Labs CEO Mo Shaikh Resigns, Continues to be Strategic Advisor on Board
Major dump
Mo Shaikh, co-founder of Aptos Labs, which supports its layer 1 blockchain, has announced his resignation as CEO. However, he will remain with the company as a strategic advisor to the board.
In a detailed post on X, Shaikh stated that he is stepping down “to start a new chapter.”
“Over the coming months, I plan to take some much-needed time to reflect on where the world is headed and to think deeply about the ways financial systems can evolve to continue to push Aptos as the most established layer 1 in the space.” Aptos’ co-founder and CTO Avery Ching will take over as CEO “to drive the company into its next phase of growth.”
“I leave Aptos Labs with the utmost confidence in the team, and strongly believe the talent and drive of Aptos Labs will bring our collective vision to life in the near future.”
Shaikh expressed that one of his true passions is creating new projects like Aptos from the ground up.
Aptos, a layer-1 blockchain, utilizes a unique blockchain programming language called Move, originally developed for Facebook’s ‘Diem’ project.
Shaikh also acknowledged the contributions of Aptos’ partners and investors, including Google, Microsoft, a16z, Coinbase, MasterCard, and PayPal.
In June, Shaikh joined the Commodity Futures Trading Commission’s (CFTC) digital asset subcommittee, where he will help shape regulatory rulemaking regarding cryptocurrencies.
Aptos’ APT Token Experiences Bearish Trend
The Aptos blockchain has been performing well recently, with several new partnerships. Last month, the firm partnered with Circle and Stripe to enable seamless transfers across 8 blockchains, enhancing DeFi interoperability.
Aptos also added former Grayscale Investments CEO Michael Sonnenshein and OpenAI Chief Product Officer Kevin Weil to its advisory board.
Following Shaikh’s resignation, the APT token experienced a bearish trend, dropping by 1.97% and currently trading at $11.65 at press time.
