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.

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