Weeks after being featured on the Forbes 30 under 30 energy list, Alex Liegl has resigned from Layer1’s board and as the company’s CEO. Liegl agreed to resign as part of a settlement agreement between the firm’s founders.
Former company President Jakov Dolic will replace Liegl as the company’s CEO and will act as chairman of Layer1’s board. Layer1 describes itself as “the first U.S. based vertically-integrated renewable energy Bitcoin mining and factory development company”.
Questions have been looming over the firm for several months. In August, a Layer1 team member accused the firm of misdescribing the role of former Canaan director Liu Xiangfu.
In a pitch deck, Liu was described as a founding member of Layer1 and was titled “Head of Supply Chain”. However, Liu has stated that he is not involved in Layer1’s business and is also not a firm shareholder.
The controversy escalated when Dolic, also a co-founder of Genesis Mining, filed a lawsuit against Layer1 on October 30th. The lawsuit claimed that he had personally invested millions of dollars into Layer1 and was subsequently forced out of the firm after scrutinizing Liegl’s use of funds.
All legal proceedings will be discontinued as part of the settlement agreement. Ivan Kirillov – another Layer1 founder caught up in the legal proceedings – will also rejoin the firm as CTO. In a press release distributed to Layer1 shareholders, Dolic noted that “Liegl has agreed to be available to assist Layer1 for a transition period” and that “Mr. Kirilloc and I are excited to assume leadership at Layer1”.
Many in the mining industry held lofty expectations for Layer1 after the firm secured investment from prominent entities, including Digital Currency Group, Shasta Ventures, and Peter Thiel. Liegl stepping down as CEO may mark the end of a turbulent phase for the company and set the foundation to fulfill expectations.
