Argo Blockchain CEO Steps Down

The CEO and interim chairman of bitcoin mining company Argo Blockchain (ARBK) has resigned.

Peter Wall has been with the company for three years. London-headquartered company faces challenges in 2022. Soaring electricity prices have driven up operating costs at the Helios Texas mining farm, the company's largest facility.. Argo Blockchain does not have a fixed rate power supply contract for this facility.

After failing to raise funds to stave off bankruptcy, Argo sold the Texas plant for $65 million.

Seif El-Bakly will now serve as CEO, according to the company's website, and Matthew Shaw has been named chairman of the board.

CFO Alex Appleton announced his resignation last week.

At the end of January, investors filed a class action lawsuit against Argo Blockchain, accusing the company of hiding key information during an initial public offering (IPO) in 2021.. The plaintiffs allege that the company failed to disclose electricity costs and Argo Blockchain capital limits.