Jihan Wu, his company Bitmain, and their alleged ‘team conspirators” have 21 days to respond to a lawsuit accusing them of intentional fraud and market manipulation during the recent Bitcoin Cash BCH network upgrade.
The Hong Kong Stock Exchange is reportedly “reluctant” to give their approval for Bitmain’s IPO application.
Far from creating a state of anarchy, it appears that the ABC faction may have been working for the Chinese government after all.
Israeli news outlet Globes reported on Monday that Bitmain’s development center in Ra’anana “will close this week,” leaving all its 23 staff members without a job.
On Thursday, a lawsuit was filed in Florida’s Southern District against a group of cryptocurrency heavyweights alleging intentional fraud and market manipulation surrounding the recent Bitcoin Cash BCH update.
The cryptocurrency world was rocked Thursday by the announcement of a huge lawsuit that was launched by United American Corp. (UAC) against a large number of Bitcoin Cash BCH supporters.
Bitmain, its co-founder Jihan Wu, along with his “team of conspirators” including Bitcoin.com CEO Roger Ver, ABC lead developer Amaury Sechet, Kraken and its CEO, Jesse Powell, will have a lot to answer for. On Thursday, a lawsuit was filed before the U.S. District Court for the Southern District of Florida accusing the group of fraud and market manipulation.
On a tweet by an avid follower of Bitmain, indicates that the equipment manufacturer is teetering more toward crashing into the ground.
In addition to having to answer for a number of financial irregularities ahead of its planned initial public offering (IPO), the cryptocurrency mining equipment manufacturer has already been targeted for allegedly stealing the design of a miner.
On top of having to deal with questions regarding its financial situation and a decline in market share, the cryptocurrency mining equipment manufacturer is facing a fresh lawsuit in California.
According to Chinese media outlet 8btc.com, Jihan Wu has stepped down as executive director of the board of the cryptocurrency mining equipment manufacturer.
Why do companies go public at all? Why are there capital markets in the first place? What’s the point of selling shares in a company?
