Crypto Rumor Central on Bitmain IPO Story Sees Sequoia, Advantech and Others Board Members Accomplice in Bitmain’s Fraud

Are Sequoia, Advantech and Other Board Members Accomplice in Bitmain’s Fraud?

Cryptocurrency mining firm Bitmain, reportedly one of the largest in the world, is amidst the storm of problems. This has been supported by a number of publications recently that have called into question its financial stability—which, apparently, virtually doesn’t exist—and certain public statements regarding backing by major companies that also didn’t exist. As the company has been supposedly preparing for a September initial public offering (IPO), many expect Bitmain’s second-quarter financial report to be a huge disappointment and are now wondering if the IPO is simply an attempt to create an exit scam.

It’s no secret that Bitmain’s founder, Jihan Wu, had traded a serious amount of Bitcoin Core (BTC) for Bitcoin BCH. Some estimates put the amount as high as half a billion dollars. That level of movement is the type of financial decision that should cause alarms to go off. It is possibly also the reason that the markets crashed at the beginning of the year, as Wu was apparently playing around with industry.

A Twitter user pointed out that companies like Sequoia, Advantech [New Horizon], Sinovation, Guo Tai, QingXin and IDG are all Bitmain Board Observers, however, they failed to notice that there was something shady going on in the company. Either that was the case or they knew what exactly was happening and failed to report about it. This can make them an accomplice in fraud.

However, he later added that:

Bitmain looks like a house of cards which can collapse upon itself at any moment. When it does, we have to watch out for the collateral damage others take, including the entire crypto ecosystem.

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