Compute North paid its executives $3 million while announcing bankruptcy

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Ultramining.com

13:21 Nov 04, 2022

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Compute North paid its executives $3 million while announcing bankruptcy

At the same time when the company was announcing its bankruptcy, its executives were paid large sums in salaries and different bonuses. We are talking about at least $3 million, as evidenced by court documents.

Recall, the application was sent to the SEC on September 22. The company justified the situation by saying that the value of the cryptocurrency has fallen and energy costs have risen. Under Chapter 11, Compute North was allowed not to pay her creditors.

Nevertheless, the TOP management got significant sums.

  • CEO $613k.
  • Former CFO $541k (after three months of his departure).
  • President and CCO $500k for each person.
  • Ex-Chief Technology Officer $340k.
  • The Chief of the Legal Office $340k.
  • New CFO $250k.

The mining company declined to comment.

Recall that the situation with such a large company had an impact on the entire industry, which has already been experiencing several difficulties lately due to the fall in the bitcoin exchange rate and the rising cost of energy resources.


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