Composable Finance CTO exits citing 'unethical management'

Composable Finance Chief Technology Officer Karel Kubat said he is leaving the company over a lack of transparency and what the now-former executive called “suspicious transactions.”

“I, Karel Kubat, am resigning from Composable Finance,” he wrote, adding that the company's “financial statements have not been provided to me or the community. The community and I have no current overview of Composable Finance financial health.”

In another tweet, Kubat said that, “Enforcing the law is left up to the authorities. We're a decentralized community however, and simple, unethical management is enough for me to leave."

Composable Finance confirmed Kubat's departure in its own Twitter post. “We’re sorry to announce that Composable Finance has parted ways with our former CTO,” the company posted. “While this naturally prompts questions and concerns, our team is committed to addressing these questions and alleviating any concerns.”

Kubat's exit and allegations follows months of turmoil in the world of crypto, which has reeled from several company collapses accompanied by allegations of financial wrongdoing and self-dealing. 

In his posts discussing the departure from Composable, Kubat also expressed concern the decentralized finance organization is engaging in “possible trading with company funds and suspicious transactions.”

Composable did not immediately respond to requests for comment. The company said it would hold a question and answer discussion on Twitter.