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Bitcoin Miner Hut 8 CEO Departs Amid Pump and Dump Allegations

Weeks after JCapital accused the company of colluding with partners and issued warnings about a potential pump-and-dump scheme, the CEO of Bitcoin miner Hut 8 has stepped down from their role.

In a press release dated February 7th, Hut 8 disclosed a leadership transition, introducing Asher Genoot as the new Chief Executive, succeeding Jamie Leverton.

The announcement stated, “(Hut 8) today announced that Asher Genoot, President and a member of the Hut 8 Board of Directors, has been appointed Chief Executive Officer effective immediately. Mr. Genoot succeeds Jamie Leverton, who departs from Hut 8 as Chief Executive Officer, effective immediately.”

The company explained that the change in leadership was prompted by the need for a new strategic direction, particularly following its recent partnership with US Bitcoin Corp.

Leverton expressed gratitude to the Board for years of service, stating that leading the team with innovative policies had been a privilege.

Bill Tai, Chairman of the Board, emphasized the transformative nature of the partnership between both companies. He expressed confidence that the new CEO, Asher Genoot, would guide the company to a leadership position. Tai anticipates accelerated growth under Genoot’s leadership, citing his discipline and proven track record as key drivers of success.

Genoot, formerly the co-founder and President of US Bitcoin Corp and US Data Mining Group, had been a Director of Hut 8 since November 2023 following the partnership. He affirmed his commitment to surpassing expectations in this new chapter.

“Jaime has steered Hut 8 through market cycles over the past three years, establishing a solid foundation for the Company. I appreciate her leadership and am dedicated to ensuring a seamless transition. As the Board and I collaborate to define a new strategy for the Company, my focus is on bolstering operations, fostering profitable growth, and delivering enduring shareholder value.”

Restructuring amid allegations

This development unfolded nearly three weeks after JCapital Research accused Hut 8 of concealing shareholder information regarding its recent partnership with US Bitcoin Corp.

The allegations also encompassed claims of inflating the values of US Bitcoin Corp and scrutiny into its promoters, some of whom had a history of legal issues, raising concerns among investors about a potential pump-and-dump scheme.

“Ultimately, we strongly believe that [HUT] shareholders are likely to feel the pain of being on the wrong side of an over-levered pump-and-dump, only to be left holding the most inefficient Bitcoin miner, which is unprofitable even at a Bitcoin price of over $60,000,” stated JCapital.

In response to the report, Hut 8 issued a statement refuting the allegations and advising investors to refer to official Securities and Exchange Commission (SEC) documents.

Describing the report as inaccurate, the Board reaffirmed its unwavering commitment to the merger, emphasizing its steadfast adherence to a long-term vision.

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