The board issued a termination notice on May 30 “for Cause,” followed by administrative leave and a formal removal from the board on July 8. The Delaware lawsuit claims Mewawalla misused his position and harmed shareholders—despite previously receiving praise for boosting revenue and profitability. He had been awarded $2.5 million in bonuses and a significant stock grant earlier this year.

Mewawalla has denied any wrongdoing, stating in a letter that he “respectfully and vigorously” rejects the board’s allegations and pointed to their prior public support.

General counsel Kaliste Saloom has stepped in as interim CEO, tasked with navigating the company through a potentially lengthy court fight. The board is also seeking financial damages tied to Mewawalla’s alleged misconduct.

Meanwhile, Mawson is embroiled in another legal dispute with Stone Ridge, parent of NYDIG, over control of 20,000 ASIC miners worth $30 million. Stone Ridge accuses Mawson of improperly seizing the equipment and changing payout terms, escalating a disagreement over colocation fees and energy use.

With two high-stakes cases unfolding, Mawson now faces legal, operational, and reputational pressure—just as the crypto mining industry contends with tightening margins and rising scrutiny.

The post Crypto Company CEO Fired Amid Fraud Allegations appeared first on Coindoo.

---

Filed under: Bitcoin - @ July 24, 2025 1:01 am