Dmitry Tokarev stepped back from the chief executive role at Copper on October 14, 2024, after seven years in the job, the custody firm's own release said1. He kept a seat on the board as its founder director, the same release said.
Two of Copper's 6 leadership moves on the record came in 2024
Leadership moves CryptoLately has verified at Copper, by year
- 2024: 2
- 2022, 2023, 2025, 2026
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2022 | 1 |
| 2023 | 0 |
| 2024 | 2 |
| 2025 | 0 |
| 2026 | 3 |
20 CEO exits on the record in 2024
CEO exits CryptoLately has verified, by year; 2026 through Oct. 2, 2026
- 2024: 20
- 2019, 2020, 2021, 2022, 2023, 2025, 2026
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2019 | 7 |
| 2020 | 9 |
| 2021 | 5 |
| 2022 | 18 |
| 2023 | 11 |
| 2024 | 20 |
| 2025 | 20 |
| 2026 | 18 |
The handoff
Copper's release framed Tokarev's exit as a founder clearing the way for a specific growth push. Amar Kuchinad replaced him. His task was to build Copper's presence in the United States and in markets where it had just secured regulatory approvals, Hong Kong and Abu Dhabi among them1. CoinDesk said its own reporters had broken the news of Tokarev's planned resignation the week before Copper's October 14, 2024 announcement2.
Tokarev framed his own exit around the search for his replacement. “We covered all bases to find the right candidate for this vitally important role and I know that that Amar is ideally placed to ensure Copper's continued long-term success,” Tokarev said1. He described his own role going forward in the same statement. “As our Board's Founder Director, I will continue to be closely involved as we embark on this pivotal new chapter and the next phase of our company's evolution,” Tokarev said.
What Tokarev built
Copper's release said Tokarev had run the firm for seven years, and its own company profile dates Copper's founding to 20181. He built ClearLoop during that span. Copper called it the largest settlement network of its kind for off-exchange digital asset trades. Lord Hammond, Copper's chairman, spoke about Tokarev's board seat and the new team in the same release. “Dmitry will remain a key member of the Copper Board and I am confident that we now have the team in place to deliver the next stage of Copper's global growth story,” Hammond said.
What came next
By August 2026, less than two years after Tokarev's exit, the firm he built was drawing buyout offers at a fraction of its past valuation. CoinDesk reported on August 25, 2026, that Copper, once valued at as much as $2.5 billion, had two or three offers around $200 million3. That figure sat far below the $500 million price investment bank Cantor Fitzgerald had been marketing Copper at only months earlier, the report said. CoinDesk traced part of the firm's strain to preferred stock tied to more than $300 million it had raised in earlier venture rounds, under Tokarev's leadership, before his 2024 exit.
Sources
- Copper, "Copper.co appoints Amar Kuchinad as its new Global CEO," Copper, Oct. 14, 2024, https://copper.co/en/insights/company-news/copper-co-appoints-amar-kuchinad-as-its-new-global-ceo
- Will Canny, "Crypto Custodian Copper Appoints Former SEC Advisor Amar Kuchinad as New Global CEO," CoinDesk, Oct. 14, 2024, https://www.coindesk.com/business/2024/10/14/crypto-custodian-copper-appoints-former-sec-advisor-amar-kuchinad-as-new-global-ceo
- Ian Allison, "Crypto custody firm Copper has potential buyers. But offers are way below its $500 million asking price," CoinDesk, Aug. 25, 2026, https://news.google.com/rss/articles/CBMi4wFBVV95cUxQZi1VVHROeE9nMEU3dXcwR0RLLVJSWmk2WThOMXB3WE5tRUFpOHgxYkI2RGU0WkJSbGFrT29rOXdYUkFuTXkxc0swZ0RSWlhZYlozamZPQnFxWTB1c0N5bDdoaWttaUdzQ3J5Mm9rX2xwX3AwRW03NjV1UFZVRDFydF9pdzgwRzlDd0IzenBIZ1BYcDdpem9RNDUtV2RaN2t6WXFmY1UwMVE2aXg5UV91RmplbGJHS2NTMW50YjBROHU0OEgzMGtkTWdFTkhWMFd5UGw3Uk80cHYwd1h0VC1Hakp2NA