Argo Blockchain Accidentally Reveals Their Bankruptcy Strategy

December 11, 2022 - Around 1 mins mins to read

According to an unintentional announcement, cryptocurrency mining startup Argo Blockchain may declare bankruptcy.

Argo Blockchain Accidentally Reveals Their Bankruptcy Strategy

Argo Blockchain, a cryptocurrency mining firm, has mistakenly publicized its bankruptcy filing.

Will Foxley, Content Manager at Compass Mining, tweeted an image of an Argo Blockchain special announcement on Dec.

Screenshots from a Foxley document reveal that the firm is ready to file for bankruptcy.

Furthermore, on December 9, the UK’s Financial Conduct Authority (FCA) briefly halted the firm shares following the company’s November revenue decrease.

They said in late October that a deal to raise $27 million from a strategic investor had fallen through, driving the company’s stock down more than 70%.

When Argo announced a series of actions, including the sale of bitcoin mining machines, its stock began to fall in early October.

According to the November update, the company mined 198 bitcoins for the month, down from 204 BTC mined in October.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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