Bitcoin mining company Mawson has fired its CEO, citing fraud and breach of fiduciary duties

ChainCatcher message, according to The Miner Mag, Bitcoin mining and hosting company Mawson Infrastructure has fired CEO and President Rahul Mewawalla and revoked his board seat for violating fiduciary duties and fraudulent conduct. Mawson has filed a lawsuit in the Delaware Chancery Court seeking damages.

Mewawalla previously received a $2.5 million bonus and 1.2 million shares of restricted stock for "high performance," with his annual salary rising to $1.2 million. In his response, he denied any wrongdoing, emphasizing that under his leadership, the company's revenue grew by 36% and gross profit by 35%.

In addition, Mawson was recently involved in a lawsuit with NYDIG and its parent company Stone Ridge over custodial disputes involving over 20,000 mining machines worth $30 million.