Just In: Nostra CEO David Garai Steps Down, Pushes Back On NSTR Airdrop Speculation

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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June 28, 2024 12:51 EDT

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David Garai, founder and CEO of Nostra, has stepped down from his leadership role at the blockchain company only 11 days after it unveiled its NSTR token airdrop, according to a Friday morning X post.

“I have resigned as CEO of Nostra,” Garai posted, adding that the company’s Head of Product, Richard Thomas-Pryce, would be taking over his position.

Nostra CEO David Garai Steps Down, Announces Replacement

“Starknet will have its time, with crucial upgrades incoming to speed up the network and make it more mature,” he stated. “It’s a good time to be cautiously optimistic. I’m proud of what we’ve achieved and what’s to come.”

I have resigned as CEO of Nostra.

The great @RTPthefirst will take over as the day-to-day lead of Nostra Labs.

Over the last 2.5 years, our team has built Nostra into the largest and most profitable protocol on Starknet, earning $2.5M annually with over $180M TVL.

Of course,…

— DG (@davgarai) June 28, 2024

The crypto company founder denied there being a “connection between the unlocked launch” and his resignation, calling the claims “totally false.”

“I resigned now because I wanted [to get] through the launch of all major products and the token,” Garai stated.

Notably, the NSTR airdrop reportedly did not have a vesting period, and the token itself fell by nearly 4% shortly after his announcement.

“I have not sold a single token and do not plan on doing so,” he continued.

While the now-former Nostra CEO did not reveal any future business plans in the blockchain sector, he told his followers to “stay tuned” for developments.

Nostra’s Head Of Product Richard Thomas-Pryce To Lead ‘Crypto Super App’

According to blockchain aggregator DeFi Llama, the company’s TVL currently stands at $153 million – a decrease from its estimated $221 million shortly before the NSTR token’s airdrop.

The Starknet-based protocol’s website describes Nostra as a “crypto super app” that allows users to “lend, borrow, swap, and bridge cryptocurrencies.”

Thomas-Pryce, who previously served as an analyst at Merill-Lynch and Senior Manager at Funding Circle UK, thanked Garai for his years of leadership.

“I’m honored to step in and lead @Nostrafinance,” Thomas-Pryce said in a statement. “Our incredible team will continue driving innovation and building on our success. With many exciting features on the roadmap, like Nostra Earn, Nostra Bridge, and STRK Liquid Staking on the horizon (to mention a few), we’re fully committed to reaching new heights. Nostra’s future is bright, and the community is strong. Without a doubt, together, we’ll continue to achieve great things.”

At the time of publication, NSTR was trading around $0.092 per CoinGecko.

Editorial note: This story is currently being added to. For the full story, check back soon as we add more information and/or perspectives from those involved.