Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.
European bitcoin mining firm Northern Data is pushing back against a whistleblower suit filed by two former executives of the company who say they were wrongfully terminated after raising concerns about the company’s financial health and alleging tax evasion.
“When Porter and Kama made extortionate demands for ‘severance’ payments, Northern Data rejected them,” Northern Data’s lawyers wrote in the motion to dismiss. “In response, both employees now style themselves as ‘whistleblowers’ and seek to profit personally and financially from allegations that they know – and have every reason to know – are false.”
A hearing to discuss the motion to dismiss will be held in a Los Angeles court on Aug. 19, 2024 at 1:30 pm local time .Kama and Porter’s first amended complaint against their former employer contained explosive allegations that Northern Data lied to investors about the strength of its finances, hiding the fact that it is “borderline insolvent,” and, additionally, is “knowingly committing tax evasion to the tune of potentially tens of millions of dollars.
Porter and Kama have alleged that the firm had a “$30 German tax liability and additional liabilities of almost $8 while simultaneously having only $17 cash on the balance and a monthly burn rate of $3 -$4 .” Their suit also alleges that the firm committed “rampant tax evasion” in its early years and had no plan to take remedial measures to account for it, potentially leaving them liable for “tens of millions of dollars” in U.S. tax liabilities if it were to be audited.
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