Cryptocurrency mining company Compute North has just filed for bankruptcy.
According to the company, its liabilities to 200 counterparties are estimated at $500 million, and its assets range from $100 million to $500 million.
According to the company announcement, the firm CEO Dave Perrill has stepped down but will remain on the board of directors.
Sources say the company is currently developing a plan for restructuring its activities.
The bear market and rising energy costs are reportedly the reason behind the decision.