The three co-founders of alternative finance investment company Pipe will resign and have not provided an $80 million loan to the cryptocurrency mining company

ChainCatcher news, alternative finance investment company Pipe announced that three co-founders, co-CEO Harry Hurst, co-CEO Josh Mangel, and CTO Zain Allarakhia, will resign from their executive positions.

Previously, it was reported that the company provided loans of up to $80 million to several crypto mining companies, and some of these companies have already gone bankrupt, forcing them to write down this amount. A spokesperson for Pipe clarified that no $80 million loan was issued, nor was there any write-down of related receivables, but confirmed that Pipe is indeed providing financing channels for crypto mining hosting companies. However, the spokesperson declined to disclose information about financial losses and the names of cooperating mining companies, citing "not sharing financial data" as the reason.

In addition, Pipe was valued at $2 billion in a round of financing last year. The company previously established a partnership with Compass Mining, which is currently facing financial difficulties. (Forbes)