Scandalous Shakeup: Mawson CEO Booted Amid Whiff of Scandal and Shifting Sands

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In a turn of events that could only be described as jolly good theatre, the fine folks at Mawson Infrastructure have given the old heave-ho to their CEO and President, Rahul Mewawalla, citing an unfortunate tendency to breach fiduciary duties and dabble in a spot of fraud. Ah, the joys of corporate governance! 🎭

This delightful morsel of news comes courtesy of Theminermag, a publication that specializes in the merry antics of the cryptocurrency mining industry, where fortunes are made faster than one can say “blockchain.” 💰

Now, picture this: only a few moons ago, Mawson graciously bestowed upon Mewawalla a whopping $2.5 million in cash bonuses, a collection of 1.2 million restricted stock units (because who doesn’t love a bit of stock restriction?), and a shiny base salary uptick to $1.2 million as a nod to what they termed his “high-performing” executive performance. Must have been performing magic tricks with that money! ✨

However, come May 30, the board decided to investigate the “cause” of Mewawalla’s recent performance dip, placing him on an administrative leave that might as well have been holiday leave in Fiji. They then hastily promoted their General Counsel, Kaliste Saloom, to interim CEO. Well, that escalated quickly! 🚀

By July 8, it was official: Mewawalla was on the chopping block, his board seat became a vacancy, and the board, feeling particularly litigious, decided to file a lawsuit in Delaware’s Court of Chancery. Quite the choice of venue for a bit of courtroom drama, don’t you think? 🔍

Mawson’s own recent filings praised his leadership and flaunted “numerous strategic, operational, and financial milestones” achieved under his stewardship. Among these, a rather impressive 36% revenue growth and a 35% leap in gross profit. Well, it seems someone was doing their homework! 📈

But wait, there’s more! This drama unfolded shortly after Mawson found itself tangled in yet another bit of legal tomfoolery, having been sued by NYDIG’s parent company, Stone Ridge, for allegedly pilfering over 20,000 ASIC miners worth a staggering $30 million. It’s a wonder they didn’t send in the clowns! 🤡

Earlier this year, Canaan signed a charming three-year colocation deal with Mawson involving a delightful 64 megawatts of capacity to host over 17,000 units of Canaan’s latest machines. That’s bound to make things lively at the Midland facility—might even bring some popcorn! 🍿

Fancy indulging in the original article? You can gorge yourself here.

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2025-07-22 14:58