Mo Shaikh, Aptos Labs CEO, steps down amid price drop with Avery Ching taking over. He would remain on board at as a strategic adviser.
Mo Shaikh, the co-founder, and Aptos Labs CEO announced his resignation from the company. Shaikh will step down from the position of CEO, but will remain in the company as a strategic advisor.
In 2021, Shaikh and Ching co-founded Aptos Labs, which facilitated the launch of Aptos’ mainnet in October 2022. He assisted in the establishment of critical partnerships and the raising of $400 million for the company.
Shaikh said;
“Today I am stepping away from Aptos Labs to start a new chapter,” Shaikh wrote. “One of my true passions lies in building companies from the ground up and we have done that at Aptos Labs by building a world-class team. 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.”
Co-founder Avery Ching To Take Over As Aptos Labs CEO Resigns
Avery Ching and Shaikh built the company three years ago with Shaikh assuming the CEO position and both has worked together to create a strong blockchain ecosystem which was concentrated on the Move programming language.
Ching stated in an X thread that Aptos would also broaden the builder community of the ecosystem to include countries such as India, Vietnam, South Korea, Japan, and China.
The Aptos blockchain is a layer-1 proof-of-stake blockchain that has been specifically engineered to provide superior scalability, security, and transaction velocities in comparison to its competitors, including Ethereum, Solana, and Sui.
APT Price Drops Amid Announcement
The price of APT has decreased by 5.37% in the past 24 hours to $11.51, and its market capitalization has decreased to $6.39 billion as a result of Shaikh’s announcement. Nevertheless, the trading volume increased by 48% to $933.28 million, suggesting that market activity was at an all-time high.
