Nailed it. On August 1, serious doubts about the legitimacy of a new cryptocurrency mining rig manufacturer, Watts Miner, surfaced after an analysis of their products and website revealed serious issues. Barely two months later, the company is finding itself in hot water.
According to a press release by APO Group, a media relations company based in Africa, the company says that Watts Miner has defaulted on a payment of $14,955. That payment was for a contract between the two companies that tasked APO with publishing a number of press releases.
APO explains in the press release, “APO Group hereby notifies the public of the multiple reports of potentially fraudulent activities of the cryptocurrency manufacturing company known as Watts Miners Inc. (WMI), which has come to its knowledge. This report also comes on the heels of WMI’s willful default of the payment terms under an Agreement between WMI and APO Group whereby APO Group distributed several press releases on behalf of WMI and in respect of which a payment of USD 14,995 became due on 14 August 2018.”
It’s worth noting that Watts Miner is not connected in any way to Whatsminer, the Pangolin miner that is the brainchild of former Bitmain technologies Yang Zouxing. It would appear that aside from issuing threats and defrauding a company, Watts Miner should also be held accountable for trying to piggyback off Whatsminer.
If you’re going to defraud a company, it’s not smart to defraud one that has its finger on the trigger button of the largest distribution network of information in the world. Given that the company’s website was a failed attempt to use fake videos and images stolen off the Internet, however, it’s not surprising that they couldn’t be more intelligent.
APO has tried to contact the firm’s CEO, David Anderson, and its Chief Financial Officer, Nancy Lopez, several times to no avail. They must be too busy trying to figure out how sham companies are run.
Fortunately for APO, the non-payment hasn’t had a serious impact on the company’s bottom line. It added in the press release, “The revenue generation of APO Group businesses remains unaffected by today’s announcement.”
After exposing Watts Miners in August, the company immediately sent an email to CoinGeek, threatening to take action if the story wasn’t retracted. The company, in its normal nonsensical manner, argued that CoinGeek was in violation under the Digital Millennium Copyright Act, which is just as puzzling as the company saying that it is producing mining rigs that can mine five times faster than any other chip on the market.
While the company’s website is still up, it wouldn’t be surprising to soon find it replaced with a “This Space For Sale” sign.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.