Summary
Blockchain.com executives are facing legal charges over late Financial Filing, with hearing scheduled in November.
Executives Face Court Over Financial Delays
Blockchain.com’s co-founder Nicolas Cary and operations executive AI Turnbull are currently facing a lawsuit because of their company’s inability to submit their own financial filings on time. Both of them were called by Companies House in May, with legal proceedings starting in September. A follow-up court hearing is scheduled for November.
Missed Filings Attributed to Restructuring
The lawsuit revolves around Blockchain.com’s late submission of financial accounts for 2022, while the company only filed accounts for 2020 as of October. The firm attributed the delay to a major reconstructing and workforce reduction, which they claimed required time to stabilize. This is a serious issue as, failure to comply with filing regulations could result in significant fines for the executives.
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Valuation Drop Amid Market Challenges
Blockchain.com, founded in 2011, once boasted a valuation of $14 billion but has seen that figure drop to less than half, exacerbated by a $270 million loss tied to the collapse of Three Arrows Capital. Despite these setbacks, the company remains optimistic, stating it has addressed the necessary regulatory paperwork and expects the matter to be resolved quickly.