Argo Blockchain CEO Steps Down After CFO

Seif El-Bakly will take over as interim CEO of Argo in place of Peter Wall, who will no longer be the company's CEO, Peter Wall, the CEO of Argo Blockchain, the largest bitcoin miner, has stated that he will leave his position. Less than a week ago, Alex Appleton, the company's CFO, left the organization.

A Second Argo Executive Resigns

Peter Wall will leave Argo Blockchain after three years as the business's chief executive officer, the company announced. He referred to his time spent there as a “wonderful privilege” and appreciated all of his coworkers for their support and loyalty.

“It has been a great privilege to have led Argo Blockchain over the past three years. It has been quite a journey, and we have come a long way. I am pleased to have recently led the successful Galaxy deal, and I thank all my colleagues at Argo for their dedication, support, and enthusiasm in driving Argo forward. Onwards and upwards!”

Seif El-Bakly has been named the company's interim CEO, while Matthew Shaw will take over as board chairman. This person added:

“Peter has created a strong foundation for Argo, which is a confident organization full of talented people, aligned behind a clear strategy and focused on delivering profitable growth and market share gains. On behalf of the Board and everyone at Argo, I would like to thank Peter for his many achievements and wish him every future success.”

The departure of Alex Appleton, the miner's CFO and Executive Director, was previously announced. The British man, who will concentrate on prospects outside the bitcoin sector, expressed pride in his past accomplishments and sent his former coworkers “all the best.”

Argo's Current Issues

For the institution, the past few months have been very difficult. In order to prevent applying for bankruptcy proceedings, it contracted to sell its Helios facility to Galaxy Digital for $65 million at the end of 2022. While Mike Novogratz's company will house the mining fleets, Argo will continue to be the owner of the equipment.

Around Christmas, a major winter storm that struck Texas disrupted production rates, resulting in the company mining only 147 BTC in December, 25% less than in November. A group of investors also filed a lawsuit against Argo at the end of January. They asserted that in 2021, the company's “wrongful acts and omissions” caused its American depositary shares (ADS) to “precipitously drop,” resulting in severe losses for customers.

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