Mo Sheikh, one of the founders Apartments Blockchain and the co-founder and CEO of Aptos Labs, which helps support it, announced Thursday that he is leaving the company to focus on a “new chapter.”

“Today, I will step away from Aptos Labs to begin a new chapter,” Sheikh said Written on X. “One of my true passions is building companies from the ground up, and at Aptos Labs we have done that by building a world-class team.”

He continued, "I leave Aptos Labs feeling completely confident in the team, and I strongly believe that Aptos Labs' talent and drive will bring our collective vision to life in the near future."

Aptos Labs co-founder and CTO Avery Ching will serve as CEO, Sheikh wrote.

“Supporting and growing ambitious Aptos builders and their community, pushing the boundaries of innovation in Web3 technology, and pioneering high-speed products are my immediate priorities for this next chapter.” Qing wrote In a post shared with X. “I'm going to hit the ground running.”

The sheikh did not respond immediately DecryptionRequest for comment.

The Layer 1 network, an offshoot of Meta's failed Libra (later known as Diem) stablecoin project, launched in October 2022 to much fanfare. But her debut featured both Technical obstacles and criticisms about its token economywhich some cryptocurrency holders claimed strongly favored the Aptos Foundation and investors.

The venture capital darling secured $350 million from two funding rounds led by VC firms Andreessen Horowitz and Jump Crypto, respectively, before its IPO. It received a whopping $2 billion valuation in that latest round — or nearly four times the value it raised six months earlier.

Although Sheikh is no longer running the project, he said he will remain an advisor and will continue to look at how to help propel Aptos into the future.

“I will always be a champion of Aptos and its mission,” Sheikh wrote.

Editor's Note: This story was updated after publication with additional context and details.