LedgerX Names Former Chief Tech Officer as New CEO

LedgerX announced Friday that co-founder and former chief technology officer Zach Dexter has been named the new CEO of the bitcoin derivatives company.

The company suspended CEO Paul Chou and COO/CRO Juthica Chou last month, with no explanation. The two were also co-founders of the company. Depository Trust and Clearing Corporation vice chairman Larry Thompson was named interim CEO and lead director of Ledger Holdings.

In a statement, Thompson said, “since my involvement with the company began, we have kept in close contact with all of the company’s stakeholders including employees, investors and regulators and have kept the CFTC fully apprised of the company’s actions including the recent financing.”

His statements would appear to conflict with a letter sent to LedgerX’s board and the CFTC Office of the Inspector General by a member of its board of directors. In the letter, Nicholas Owen Gunden wrote that as an investor, he had received limited communications from the company, and was concerned about its operations.

LedgerX also announced that it closed a “significant” financing round “led by the company’s largest investors including Digital Finance Group.” The amount raised was not disclosed, but the funds will be used to bring on more senior executives, the release said.

Dexter was a part of the LedgerX team for the first five and a half years of the company’s operations, leaving in May 2019 to join Mirror, a tech fitness startup.

Thompson and Dexter did not immediately respond to a request for comment.