Chinese Police Hold MicroBT Crypto Mining Maker's CEO Over IP Infringement Allegations

MicroBT bitcoin mining producer, a rival to Bitmain, finds their CEO is being held by Chinese authorities due to intellectual property infringement allegations.

Zuoxing Yang, known as the CEO and founder of MicroBT, a BTC miner maker based in China, has been detained and held by the local police. According to reports from local media outlets, the investigation is regarding the infringement of intellectual property by the firm.

Local media outlet BlockBeats cited an inside source who claims that MicroBT is being accused of infringing the copyright of Bitmain. Before founding his own company, Yang worked at Bitmain as a processor design director. He was partly responsible for creating two popular mining models there, the Antminer S7 and S9.

Yang was allegedly unhappy with the economy and eventually decided to leave. He was able to raise $20 million USD to create his own firm. He was first sued for infringement of patent back in 2017, but it was successfully appealed at the time and remained free of any trouble. It does not seem this will be the case again.

Another source cited by the media outlet affirmed that it was still unclear why the police decided to act after so much time, but this could have something to do with Jihan Wu, the CEO Of Bitmain.

Wu came back to Bitmain a few weeks ago and has been working a lot in its direction, so there is a chance that he could be involved in what is happening right now. He decided to come back after the other co-founder, Micree Zhan, was removed from the leadership of the company.

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Gabriel Machadohttps://bitcoinexchangeguide.com/
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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