Blockchaincom executives summoned to court for allegedly failing to disclose financial information on time report

Legal action is being taken against executives at British cryptocurrency provider Blockchain.com for failing to file accounts on time, according to court documents cited by The Telegraph. Co-founder and president Nicolas Cary and operations executive Al Turnbull have been summoned by Companies House, with court proceedings beginning on September 25 and another hearing scheduled for November 26. The charges relate to the delayed filing of accounts for the year ending December 2022, with accounts for the year ending 2020 only submitted in October. Blockchain.com has attributed the delay to a restructuring effort and a reduction in its workforce. A conviction could result in an unlimited fine for the company’s directors. Blockchain.com was founded in 2011 and reached a valuation of around $7bn in November 2023 after raising $110m. However, its valuation has reportedly dropped to less than half its peak of $14bn following exposure to the collapse of hedge fund Three Arrows Capital.