Bitcoin CEO’s Golden Parachute Turns to Lead Balloon! 💰➡️🚽

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Well, well, well, if it isn’t another tale of corporate shenanigans that would make even a gobstopper melt in shock! 🍬 Mawson Infrastructure Group’s board, quicker than a child spotting a chocolate bar, booted their CEO Rahul Mewawalla this summer after some rather serious accusations popped up like a particularly nasty zit.

On May 30, the company, with all the subtlety of a snozzcumber to the face, informed Mewawalla he was on notice for “Cause” under his contract. Faster than you can say “whizzpopper,” he was placed on administrative leave. Then, on July 8, his board seat vanished like a dream during a midnight feast, and a lawsuit was filed in Delaware’s Court of Chancery – which sounds dreadfully posh but is really just where rich people go to argue.

The suit claims he committed fraud and breached his duties while running the Nasdaq-listed Bitcoin miner, which is like being accused of stealing candy from a baby… if the baby was made of digital gold.

From Golden Handshakes to Handcuffs? 🤲➡️🔗

Here’s the juicy bit: just months before his spectacular downfall, Mewawalla was showered with $2.5 million in cash bonuses and 1.2 million restricted stock units – that’s enough to buy a small chocolate factory! His base pay was also bumped up to $1.2 million, because apparently, running a Bitcoin miner requires the financial delicacy of a giant peach.

At the time, Mawson gushed about his leadership, boasting of 36% revenue growth, a 35% jump in gross profit, and cuts in expenses. Now, those same achievements are being waved around like evidence in a courtroom, with shareholders claiming he misused his role like a child misuses a whoopee cushion.

#Bitcoin Miner Mawson Fires CEO, Files Fraud Lawsuit – What’s Going On?

Mawson’s leadership fallout adds to concerns over governance standards in #crypto mining, where legal accountability remains key fault line.$BTC

— CryptOpus (@ImCryptOpus) July 22, 2025

Enter the Interim CEO: Kaliste Saloom, the Legal Lifeguard 🏊‍♀️⚖️

With Mewawalla out, the company’s general counsel, Kaliste Saloom, was handed the interim CEO role like a hot potato wrapped in legal briefs. Her job? Steer the company through what promises to be a legal battle longer than a giraffe’s neck.

The board wants to recover damages from Mewawalla’s alleged misdeeds, while he, in a July 17 letter, “respectfully and vigorously” denied any wrongdoing. He even had the audacity to point to the board’s earlier praise of his results – a classic case of “you loved me until you didn’t.”

Meanwhile, Another Lawsuit Lurks in the Shadows 🕵️‍♂️⚡

As if one lawsuit wasn’t enough, Mawson is already tangled in another spat with Stone Ridge, which owns NYDIG. They’ve accused Mawson of swiping over 20,000 ASIC miners worth about $30 million – that’s like stealing a truckload of Everlasting Gobstoppers!

The two had a colocation deal starting December 2023, set to end by March 2025. But disagreements over fees turned uglier than a Vermicious Knid. Mawson sent invoices totaling $1.9 million for space and power, Stone Ridge claimed there was a deal to cut energy use, and Mawson responded by changing the payout address for the miners and locking Stone Ridge out. Drama, drama, drama!

Investors are watching both cases like hungry wolves eyeing a particularly plump chicken. If the board can prove its claims, Mawson might claw back millions and send a message about accountability – or at least make for a spectacularly messy courtroom spectacle. 🍿

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2025-07-23 18:19