A crypto valley body is quietly substituting board directors after one of its newest directors opted to leave. The move comes just months after a major shake-out at the organization.
Lili Zhao will step in as a director of the Crypto Valley Association, or CVA, according to a statement sent to members on Friday. Zhao, who is blockchain project Neo's development head, replaces Kamales Lardi, who is resigning after just six months on the board of the group, a non-profit organization which coordinates and promotes the development of Zug as a hub for cryptocurrencies and blockchain.
The substitution comes shortly after Daniel Haudenschild took over the CVA, and several months after his predecessor Oliver Bussmann and three others made way last year, reportedly acrimoniously. The exit of Lardi, a well-known blockchain expert, consultant, and former developer elicited sharp criticism from one prominent crypto valley figure.
Why can't the CVA keep a competent woman on their board for more than 2.5min in the 21st century? I voted for Kamala & I'm sad to see her go right after @jennaszenk & @MyPaoG. In my opinion these women represented crypto & contributed more than all the rest of the board combined
— Mona El Isa (@Mona_El_Isa) July 19, 2019
Tumultuous Leadership
A spokesman for the CVA confirmed Lardi's exit and Zhao's appointment, without specifying reasons. Lardi wasn't immediately available to comment on the reasons behind her departure. She was one of several new board members brought in earlier this year following a tumultuous patch when two women stepped down in protest.
The lakeside town roughly 30 kilometers south of Zurich has attracted hundreds of burgeoning token firms. Originally devised as a network for developers and start-ups, the association was rocked by accusations behind the scenes that some members have instead used it to goose personal dealings. A rift grew so bitter that the group hired a law firm to investigate, but the results weren't made public.
