• Crypto mining equipment company Compass Mining has lost both its CEO & CFO.
• The news follows the group’s announcement that it planned to sell equipment worth millions of dollars in Russia,
• The collapse of cryptocurrency markets due to falling prices and a liquidity constraint.

Compass Mining, a company based in the United States that sells and helps manage Crypto or Bitcoin mining equipment, said on Tuesday evening that its CEO and CFO had both left.

The news followed the group’s announcement that it planned to sell equipment worth millions of dollars in Russia, as well as the collapse of cryptocurrency markets due to falling prices and a liquidity constraint.

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Compass Mining said that the company has accepted the resignations of CEO Whit Gibbs and CFO Jodie Fisher, effective immediately, and has begun searching for replacements. Thomas Heller, the chief mining executive officer, and Paul Gasker, the chief technology officer, were appointed interim co-chief executives.

“Compass Mining was created to make mining easy and accessible. We recognize that there have been multiple setbacks and disappointments that have detracted from that objective,” the company said.

“Through this restructuring, the company is wholly focused on regaining the goodwill of our stakeholders and the community, as well as delivering on our mission of providing best-in-class service for miners of all sizes.”

Read More: Bitcoin falls below $18,000, Ethereum falls below $900 as sell pressure

After the US government sanctioned competitor company Bitriver for its operations in Russia, Gibbs told Bloomberg News in April that the company planned to sell $30 million worth of equipment located in Siberia.

Coin miner Dynamics Mining has also accused Compass of owing them more than $600,000 in outstanding expenses. Wednesday, Compass stated that the claim was “completely inaccurate”.