Alex Leigl, The CEO and co-founder of Bitcoin mining startup Layer1 Technologies has recently resigned since he was part of a settlement that happened between the founders of the firm. The news has been shared as per the press release which was sent to the shareholders. Also, the other founder who was also a former President Jakov Dolic has joined back the company as the CEOP and board chairman. The settlement further includes no continuation of the legal proceedings and demands.

This is one young company that was started in the year 2019 but was known for many legal battles and a lot of controversies too that were noted in 209209. There had been many legal disputes which started when he sued the Layer1 when he claimed that he had made millions of dollars investment and was further forced to leave the company. Right after the Dolic had to withdraw the Lawsuit in November, Leigl then filed a countersuit against him along with Ivan Kirillov who is a fellow shareholder. The case was filed for shareholder misconduct and malicious prosecution. As per Leigl, layer 1 is also said to have not described the co-founder of Chinese bitcoin Liu Xiangfu’s role clearly.

According to Dolic and Liegl, they believe that layer 1 has also been holding a strong foundation for further growth which includes mining operations. The mining operations were made usually with the capacity of 100MVW which the company soon shall be growing along with the solution based on proprietary containerized which further shall go to drive the operations of layer 1. It is expected that Leigl will soon be leaving the company in the coming weeks. However, he was one such person whose name had also appeared under the list of Forbes 30 for 2021.

Vandana Mrigwani

CBW - External Analyst

INDIA