The co-founder of the Australian blockchain applications developer Zhenya Tsvetnenko announced his departure despite the outstanding financial results in the June quarter.

The top management team has seen other staff changes. A non-executive director Brett Mitchell switched to becoming a corporate advisor. Lee Travers, current vice-president of the company, became executive director.

Tsvetnenko explained his resignation by the desire to work in his “personal interests.” At the same time, it has been revealed that the businessman is accused of organising a scam mobile messaging scheme in the USA; two other people involved are also under investigation. One of the accused, Fraser Thompson, the former Mobile Messenger executive, has been arrested. According to the Tsvetnenko's speaker Evelyn Duffy, “the matter is before the court, and Mr Zhenya Tsvetnenko will be defending all allegations against him.”

The company's total revenue gained 185% and reached $16 million in the last quarter of the fiscal year that ended on 30 June. The company explained this spectacular performance by two factors – the growing demand for bitcoin and the successful launch of the fast money transfer application AirPocket that took place in May in Latin America.

Digital X (formerly DigitalBTC) became the first cryptocurrency company to debut on the major mainstream stock exchange. In 2009, its chairman Zhenya Tsvetnenko became the ninth in the list of the richest Australian young businessmen, according to Business Review Weekly.

Ludmila Brus