Cryptocurrency

Compute North paid top execs roughly $3M benefits before filing for bankruptcy

Bankrupt bitcoin (BTC) mining data center operator Compute North paid out more than $3 million in benefits to management before filing for bankruptcy on Sept. 22, according to information on Oct. 28. . Court submission.

The company paid former CEO Dave Perrill $612,792 in salary and benefits, according to court documents. We paid over $300,000 for other services.

Other executives, including President Edward Drake Harvey III and Chief Commercial Officer Kyle Wenzel, each got about $500,000. The person in charge, Harold Colby, was paid about $250,000. Chief Administrative Officer Spencer William said he received $211,000.

The company also paid out more than $800,000 to former executives Marshall Johnson, Tad Piper, and Nell Mihai. The payments included severance pay, according to court filings.

Meanwhile, the data center operator also paid board dues to several board members in the week before filing for bankruptcy. Those paid included Eli Shah, Scott Tillman, Tom Kiefer and others.

Compute North did not respond to CryptoSlate’s request for comment at press time.

The bankrupt crypto company owes about $500 million to nearly 200 creditors and its assets are valued at over $100 million.

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