Potential Lawsuit Against Bitmain and Former CEO, Jihan Wu, Due to False Hope Arises

In a recent tweet made on Tuesday, March 26, it has been revealed that Bitmain can expect a lawsuit from its investors. The user who made the tweet, as seen below, is none other than, “BTCKING555,” a constant searcher for leaks regarding Bitmain’s proclaimed IPO.

As per BTCKING555, the former CEO of Bitmain, Jihan Wu enticed Asian investors to put down 12 to 14 billion during the summer. He supposedly convinced them with a false hope that the IPO, which has not been released to date, would raise funds of over 18 billion in a matter of time. The Twitter user further noted that Jihan and CFO together falsified the numbers to motivate said investors in investing tons.

It seems like BTCKING555 has been warning investors against the Bitmain IPO – some of whom did not take the claims seriously. In particular, he tweeted:

Coin Telegraph, who also reported on this matter, noted that the time frame was given for Bitmain to complete the necessary procedures to get their IPO listed on the Hong Kong Stock Exchange (HKEx) has expired.

According to the Bitcoin Exchange Guide (BEG), the application for listing the IPO was supposedly completed on September 26, 2018, and since the committee hearing did not take place in 6 months, it has automatically expired.

BEG has also noted that talks surrounding this crypto-shaking IPO stemmed sometime mid-2018. Some of the earlier supporters Bitmain attained include Tencent and Japan’s Softbank, both of whom no longer associate with the project. Many were anticipating its arrival due to the fact that the funding target was one of the largest to date, along with the hype surrounding the project.

For the time being, Bitmain has yet to publicly share their side of the story. What are your thoughts on this? Why do you think the committee hearing did not take place? Let us know in the comments below.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[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

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,435FansLike
2,798FollowersFollow
4,186FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Telecom Giant, Vodafone, Announces Partnership With Energy Blockchain Startup, Energy Web

Global Telecoms firm, Vodafone, announced its partnership with Switzerland based blockchain startup, Energy Web (EW), to develop solutions for energy-smart devices. The partnership...

Enjin Rolls Out Minecraft Plugin, EnjinCraft, to Drop Blockchain Assets into the Game

One of the most popular video games in the world, Minecraft, now has a plugin that lets its players spawn blockchain assets. The plugin is...

DigiByte Collaborates With Threefold Grid To Further P2P Decentralized Internet Capabilities

DigiByte onboards ThreeFold grid to enable their developers and communities to deploy Digibyte nodes on the peer to peer ecosystem. The grid is...

CBDCs May Be A Tailwind for Bitcoin and Further ‘Accentuate' its Role in the Global Digital Economy

People’s Bank of China is gearing up for the launch of their Central Bank Digital Currency (CBDC) in 2020 and nearly all central banks...

Crypto Custodian Launches Brokerage Service, BitGo Prime, For Institutional Traders

Cryptocurrency custodian, BitGo, launches a prime brokerage service for institutional investors. According to the CEO of BitGo, Mike Belshe, speaking on the launch this...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today