Bitmain Pre-IPO Investors List Deemed False as Tencent and Softbank Dispute Claims

Chinese crypto mining firm, Bitmain has revealed details regarding its pre-IPO (i.e. Initial Public Offering) as well as the involvement of several other firms. However, according to Coin Desk’s report, some of the mentioned involvement does not exist. Of the supposed investments made, Chinese investment holding, Tencent and Japanese multinational holding conglomerate, SoftBank Group have denied their contributions altogether.

In an e-mail discussion with a representative from Tencent and Coin Desk, the former explicitly said that their firm “is not involved in this investment,” adding that such declarations are “not true”.

The same seems to apply for SoftBank Group, as the investment firm confirmed that such a deal was never formed to participate in to begin with. Simply put, the firm was quoted writing, “nothing so far”.

While the aforementioned two firms have denied their contributions during Bitmain’s pre-IPO, another mentioned investment firm has confirmed their involvement and it is none other than the China International Capital Corporation (CICC). However, the firm chose to remain silent on the matters.

The first published post that made such claims came from “Uncle C” on WeChat, who supposedly reported Bitmain’s “potential” investors as being Tencent, GIC, Abu Dhabi Investment Authority and a Canadian firm to name a few. The spreading of the news is what forced two of the firms to deny involvement, as the false news was quick to make its way. Uncle C claimed to have “exclusive resources” on the matter but failed to disclose who they are.

With news playing a fundamental role in the decision-making process within the crypto and blockchain sphere, how can we ensure accuracy of the data being shared? What measures should be taken? Comment below.

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