Stephen Ehrlich

Oversaw the original architecture and market introduction of the exchange's native token and directly shaped how that token was integrated into product economics. As chief executive he authorized the VGX reward program design, token distribution schedules and customer incentives that established initial circulating supply and utility for trading and reductions in fees. Those design choices determined early market liquidity and exchange incentives that underpinned VGX demand. Led the company through the July 2022 liquidity crisis and subsequent Chapter 11 filing, making executive decisions about asset custody, creditor priorities and proposed restructuring frameworks. Negotiated with potential acquirers and advisors on proposals that explicitly referenced VGX treatment, including options for token retention, conversion or creditor allocations. Those proposals materially affected market expectations and the practical availability of VGX for customers and exchanges. Directed public communications and filings that set timelines for token-related actions, including freezes, customer distributions and proposed swaps. Operational choices made under his leadership — pausing withdrawals, approving settlement term sheets and proposing token-distribution mechanics — had direct operational impact on circulating VGX and on the mechanisms by which creditors could recover value in VGX or other assets. Participated in post‑petition sale and restructuring negotiations that set precedent for how an exchange-issued token is treated in bankruptcy. The combination of initial token design and later executive decisions during insolvency means his actions are traceably linked to VGX supply, legal status and the practical pathways for token holders and creditors to realize value.