Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Bitcoin Miner Hut 8 Appoints New CEO Weeks Following Short-Selling Report

Bitcoin Miner Hut 8 Appoints New CEO Weeks Following Short-Selling Report

CryptopotatoCryptopotato2024/02/09 00:31
By:Mandy WilliamsMore posts by this author

J Capital Research called HUT an “obvious pump and dump target,” alleging that Hut 8 inherited “a pile of debt” from USBTC.

Bitcoin mining company Hut 8 has announced a leadership transition roughly three weeks after an activist short-selling firm published a report containing allegations against the miner’s management practices and finances.

According to an official release , former CEO Jaime Leverton will be immediately succeeded by Asher Genoot, who has served as Hut 8’s president since November 2023.

Hut 8 Announces New Chief Executive

Genoot co-founded Bitcoin miner U.S. Bitcoin Corp (USBTC) and served as the firm’s president before merging with Hut 8 last year. The merger deal saw Hut 8’s common stock (TSX) change to New Hut (HUT) as the new company was named Hut 8 Corp.

The Hut 8 Board of Directors said the completion of the merger deal signaled the need to set a new strategic direction and a leadership transition. Board chair Bill Tai said Asher will bring a disciplined and proven approach to unlock the combined company’s potential.

Commenting on the latest development, the new CEO said: “As I work with the board to define a new strategy for the company, I am focused on strengthening operations, driving profitable growth, and creating lasting shareholder value.

I am more confident than ever in the strength of our team and ability to execute. I look forward to sharing more details about our near-term strategy and working closely with the full organization and board to execute on it.”

Leverton, who has served Hut 8 as CEO for three years, will depart the company as the board has decided.

Short-seller Accusations

Hut 8’s transition into a new leadership comes within a month after J Capital Research called HUT an “obvious pump and dump target,” as Hut 8 inherited a pile of debt from USBTC. The January 18 report alleged that USBTC may have gone bankrupt if Hut 8 had waited one month to close the merger deal.

Per J Capital, USBTC is backed by promoters with a history of legal trouble. The mining company appears to have defaulted on a loan and paid government fines twice, its founders have limited share lock-ups, and insiders may soon offload their stock.

However, the combined company has countered the claims, insisting that the report contains inaccuracies, misrepresented data, and false characterizations about its business.

You Might Also Like:

  • Bitcoin Miner Outflow Surges to 77-Month High: Data
  • F2Pool Identified as First Bitcoin Mining Pool to Filter Transactions: Report
  • Interim CEO's Departure Sends Argo Blockchain Shares Tumbling 8%
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

38% Dogecoin Rebound, Cardano Tests AI Limits, But Unstaked’s AI Advantage Steals the Show

Dogecoin (DOGE) jumps 38%, and Cardano (ADA) launches an AI testnet, but Unstaked’s advanced AI agents go beyond marketing, offering real impact and value.Dogecoin (DOGE) Future: Aiming for $3.94 with MomentumCardano (ADA) Blockchain Tests AI ScalabilityUnstaked: AI That Goes Beyond MarketingFinal Take: Real AI Utility vs. Hype

Coinomedia2025/05/08 21:11
38% Dogecoin Rebound, Cardano Tests AI Limits, But Unstaked’s AI Advantage Steals the Show

ETH Trades at Historic Lows vs BTC Since 2019

ETH hits lowest value compared to BTC since 2019, raising questions on a potential rebound amid mixed fundamentals.ETH Undervalued Against BTC: A Historical SetupBullish History, Bearish FundamentalsPatience Required for Ethereum Bulls

Coinomedia2025/05/08 21:11
ETH Trades at Historic Lows vs BTC Since 2019

Popcat Climbs, Dogecoin Stalls, But BTFD Triples Tokens with 200% Bonus—Best Meme Coin Presale to Buy Now Before May 26 DeadlineConclusion: Don’t Mis

BTFD Coin surges in Stage 15 with 90% APY staking and 200% bonus. Best meme coin presale to buy now before it launches on May 27!BTFD Coin (BTFD) – The Bulls Are Charging, Are You In?Dogecoin (DOGE) – The OG Meme King Facing Shaky GroundPopcat (POPCAT) – The Smart Money Magnet of the Moment

Coinomedia2025/05/08 21:11
Popcat Climbs, Dogecoin Stalls, But BTFD Triples Tokens with 200% Bonus—Best Meme Coin Presale to Buy Now Before May 26 DeadlineConclusion: Don’t Mis

SHIBA’s Hype Fades, ADA Devs Work; Meanwhile, Web3 ai Becomes Highest Trending Crypto With $500K Frenzy

Explore Shiba Inu (SHIBA) recovery trends, Cardano (ADA) prediction backed by developer growth, and how Web3 ai’s Portfolio Optimizer replaces guesswork with smart strategy. Learn why Web3 ai is gaining traction among the highest trending crypto tools.Web3 ai’s Portfolio Optimizer Turns Guesswork Into GainsShiba Inu (SHIBA) Recovery Sparks Renewed Interest After Key Price ReboundCardano (ADA) Prediction: Development Surge Fuels Bullish OutlookStrategy Over Speculation

Coinomedia2025/05/08 21:11
SHIBA’s Hype Fades, ADA Devs Work; Meanwhile, Web3 ai Becomes Highest Trending Crypto With $500K Frenzy