An insider with Bitmain says its crypto holdings are down over 90%

19 Feb, 2019 | Updated: 19 Feb, 2019
by Richard Allen
Update
An insider with Bitmain says its crypto holdings are down over 90%

Twitter user btcking555 has released some more information on the Bitmain debacle reinforcing the theory that things are worse than they’ve been made out to be.

It was reported earlier today that mining giant Bitmain suffered a $500 million loss in the third quarter of last year, largely due to the ongoing crypto winter. Since the news was reported from an undisclosed source, Bitmain released a statement sometime later that categorically denied the claims, stating that “the rumors are not true.”

Read more: Bitmain responds to $500 million loss: "the rumors are not true"

Several Twitter users took to the social media platform to discuss their theories and provide evidence suggesting that things are actually worse at Bitmain than what was reported. One such Twitter user, btcking555 has since released more information on the matter.

The Twitter user states that according to an insider, Bitmain’s latest crypto holdings are 6,000 BTC and 750,000 Bitcoin Cash. That amounts to about $130 million in value which is down over 90% from a year ago. If that wasn’t bad enough, the source also states that Bitmain liquidated around 500,000 Bitcoin Cash in the third and fourth quarters to cover their losses.

The Twitter user adds that Bitmain CEO Jihan Wu is “desperate to raise any capital in order to not sell any more BCH” and that he’s “pissed about today’s leaks to media.” In response to that tweet, crypto investor Alistair Milne added that it looks as if Bitmain dumped a total of 16,000 BTC as well.

Several other Twitter users have shared their theories as well. EddySpencerWolf stated that Bitmain still has a sizable amount of Bitcoin Cash to sell and speculates that, with the help of Roger Ver, they will pump BCH before liquidating.

Community sentiment doesn't seem to be in favor of Bitmain:

There are some, however, who have confidence in the mining firm's ability to bounce back:

Read more: Bitmain suffered $500m loss in quarter three of 2018

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