Northern Data Execs Fire Back After Whistleblower Lawsuit

IconCryptoNewsTerminal Staff05 Jul, 2024

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Northern Data Execs Fire Back After Whistleblower Lawsuit

Northern Data, a Bitcoin miner, has fired two executives who are now suing the company after they raised concerns internally about alleged wrongdoing by the company's CEO and COO. Tether acquired a 20% stake in Northern Data for $420 million. The executives allege in their lawsuit that the CEO and COO "falsely represented the company's financial information to investors, regulators and business partners," and that they also "committed tens of millions of dollars of tax fraud." One of the executives was fired two months after he was appointed COO of Northern Data's U.S. subsidiary and raised concerns with the company's headquarters about what he had found. Northern Data has previously announced plans to go public via an initial public offering (IPO) next year on the Nasdaq.

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