Bitcoin (BTC) tickers down to $44,686 as mining firm Hut 8 announces a leadership transition, following “pump-and-dump” allegations by JCapital Research.
On Feb. 7, Hut 8, based in Miami, disclosed in a press release the departure of its former CEO, Jaime Leverton. Asher Genoot, previously the president and a board member, steps in as the replacement.
Bill Tai, Chairman of the Board of Hut 8, noted the company’s pivotal moment post-merger with U.S. Bitcoin Corp (USBTC), emphasizing Genoot’s ability to navigate this transition effectively.
Genoot expressed commitment to strengthening operations and creating shareholder value, assuring the release of their near-term strategy soon.
In September 2023, Hut 8 secured clearance from the Canadian Supreme Court for its merger with USBTC, subsequently bolstering its BTC reserves in October.
However, on Jan. 19, Hut 8 shares plummeted post-allegations from JCapital Research, warning investors of an impending “pump and dump.” The research firm raised concerns about USBTC’s legal history and undisclosed shareholding parties.
Hut 8 swiftly refuted the allegations, denouncing the report as misleading and a deliberate attempt to manipulate its share price for the benefit of short-sellers.
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