Oil Tycoon Slicks Up Failing Crypto Mining Firm

Oil Tycoon Slicks Up Failing Crypto Mining Firm

Frank Timis, an oil tycoon who was convicted for selling heroin, is looking to have a shake around of the board of the crypto-mining firm, Argo Blockchain. It has been reported that Timis has already tried to oust two members of the London Stock Exchange (LSE) listed company.

Timis is the leading shareholder of the struggling company. Owning a 14% share through his investment company, First Investments. With this attempt to upset the apple-kart attempt to revive the company which is on the decline.

Although when they joined the LSE back last August, £25 million was raised, since then, things haven’t been looking good. They have decreased in value by £15million and made a pre-take loss of 4.1million last year. This has been put down to the crypto winter, which brought troubles for crypto mining firms. Demonstrated just last week, with a South-Korean firm, Huatie Hengan also announced a significant loss.

However, the company remain optimistic about the long-term future. Apparently setting their sights of proof-of-stake assets, with their board stating, it “believes that the crypto asset market still has short term profitable characteristics and will also become a major asset class in the long term. This asset class will need a reliable, professional crypto mining (both in respect of Proof of Work and Proof of Stake) industry to support it as it gains wider acceptance.”

They have bragged a “very strong strategic position.” They claim to own £15 million in cash, as well as £300,000 in cryptocurrencies and crypto mining equipment.

However, Timis doesn’t seem to happy with the progress they are making and sought to rid the company of the two shareholders, who together hold the second largest share in the company.

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News

ChangeNOW,Decentralised,Fraud

ChangeNOW’s AML Action Lead To The Return Of $15M COMP

Earlier this week, ChangeNOW announced that it was able to identify and return 45,505 COMP back to Compound. The estimated value of this recovery is around the $15m mark. This remarkable achievement is further proof of the effectiveness of the exchange’s Anti-Money Laundering (AML) procedures. In an announcement made on ChangeNOW’s website, the company provided […]

6 October, 2021
CFD Trading Platform,eToro,Trading

eToro Lowers The FTD Minimum Across Several Countries

eToro, the social trading and multi-asset platform, has decided to lower the minimum first time deposit, or FTD. Until further updates, users who sign up today using the link below will be able to fund their trading account with as little as $50. This offer is only valid to users in selected countries. To participate […]

24 September, 2021
ChangeNOW,Cryptocurrency,Investment

ChangeNOW Launches The NOW Tracker App

The young, but fast-growing online cryptocurrency exchange, ChangeNOW, has just announced the release of its latest product. The NOW Tracker is a free asset management app that lets users keep track of their coins and tokens across different wallets. Available on Google Play and the App Store, NOW Tracker is flexible and functional. This solution […]

9 September, 2021
eToro,Investment,Trading

eToro Becomes An Official Partner Of RB Leipzig

The world’s leading social investment network, eToro, has recently announced a new and exciting partnership. According to an announcement on eToro’s Twitter page, the company has become the latest partner of the German football team, RB Leipzig. A two-year partnership agreement has been signed between the parties. Running until 2023, this agreement can be extended […]

24 August, 2021
Binance,Bitcoin,token

PSG’s Messi To Receive Part Of His Salary In Cryptocurrency

The Argentinian footballer, Lionel Messi, has made headline news several times in the past few weeks. Following his surprise departure from FC Barcelona, the player confirmed that he will be joining Paris Saint-Germain FC. The move was significantly newsworthy but got even more interest when it was announced that part of the footballer’s salary will […]

23 August, 2021
Blockchain,Casino,Ethereum

KingTiger Casino Announces Shut Down

KingTiger Casino has announced that it has ceased all operations until further notice. According to its website, the casino has had to “temporarily close” due to Ethereum network congestion. It is not yet clear if and when this online Bitcoin casino will reopen. Meanwhile, we invite you to check out other Bitcoin casinos from our […]

12 August, 2021
Binance,Casino,Cryptocurrency

CryptoCasino Announces Temporary Close

CryptoCasino has stopped operating until further notice. According to a landing page on their website, the casino is undergoing an update. There is no information about when the casino will reopen or the reason why an update required the website to shut down temporarily. Players who hold a crypto wallet account with CryptoCasino need not […]

11 August, 2021
Binance,Bitcoin,SEPA

Binance Suspends SEPA Inward Payments Until Further Notice

Binance Suspends SEPA Inward Payments Until Further Notice Binance has just announced that it has temporarily stopped all incoming SEPA payments. As a result, users will no longer be able to deposit euros using the primary European payments network. The world’s largest cryptocurrency exchange did not provide any specific information regarding the reason behind this […]

12 July, 2021