CEO of Bitcoin Mining Startup Layer1 Resigns in Settlement, Replaced by Ex-President

The co-founder and CEO of bitcoin mining startup Layer1 Technologies, Alex Leigl, has resigned as part of a settlement between the firm’s founders, according to a press release sent to shareholders and shared with CoinDesk.

Another co-founder, former President Jakov Dolic has rejoined the company as CEO and board chairman. The settlement includes the discontinuance of all legal proceedings and demands, the company said.

Founded in June 2019, the young company has fought controversy and legal battles for much of 2020. Dolic’s legal disputes originated when he sued Layer1 after claiming he invested millions of dollars and then was forced to leave the company, as CoinDesk previously reported.

Shortly after Dolic withdrew his lawsuit in November, Leigl filed a countersuit against Dolic and fellow shareholder Ivan Kirillov for malicious prosecution and shareholder misconduct. 

Under Leigl, Layer1 also reportedly misdescribed the role of Liu Xiangfu, co-founder of Chinese bitcoin miner manufacturer Canaan and supposedly a core Layer1 team member, in an investor pitch deck. 

Per the press release, Dolic and Liegl jointly stated, “Layer1 has a strong foundation for future growth, including mining operations with a capacity of 100MW, which the company will be expanding, and proprietary containerized solutions that will continue to drive Layer1’s operations.”

Leigl leaves the company just weeks after being named to Forbes 30 Under 30 list for 2021.