Rumor has it that Bitmain's investors threatened to take them to court

19 Sep, 2018
by Paula D. Baciu
Rumor has it that Bitmain's investors threatened to take them to court

It seems that Bitmain’s reign is crumbling right ahead of its planned $18 billion IPO. A month after their reputation shook when some documents revealed that they were losing profits, some rumours suggest that Bitmain also has some issues to sort out with its investors.

A controversial tweet published two days ago indicated that Bitmain’s investors have threatened to take the company to court for distorting and omitting financial information. According to the same Twitter user, other companies related to Bitmain — Bitmain Technology, Blocktrail, Hashnest, and Tospring — are also accountable for this situation.

Although the user did not provide any details on the matter or irrefutable proof to support these claims, s/he did share the following paragraph suggesting it is an excerpt of the agreement that defines Jihan Wu and Ketuan Zhan as warrantors:

The account that shared the tweet was not connected to a real-life person as yet and the authenticity of this information continues to be doubtful until these claims will be backed by more evidence. Additionally, the account description states from the very beginning that it’s set to dismantle Bitmain, which is a fraud according to him/her. However, it’s not impossible that Bitmain truly faces hurdles, given the negative news that came out about the company a few weeks ago.

Read more: Ahead of $18 billion IPO, Bitmain continues to lose money and technical edge

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