Fuzzy and misleading statements detected in the Bitmain investor platform



Vague statements about the investment platform of Chinese mining giant Bitmain Technologies provide a vague and potentially misleading overview of investors for their rumors Initial Public Offering (IPO).

In a Bitmain pre-IPO investment package purchased by Cointelegraph, DST Global is listed as an investor, claiming that the investment was "recently completed".

Bitman

Henry Wu, lawyer and legal expert of the Chinese law firm L & Y Law Office, spoke with Cointelegraph and explained that the wording of the original Chinese document is very vague. Although it is possible to challenge the meaning, for the non-expert or for a potential non-initiated investor, the language would suggest that Bitmain obtained funds from DST Global.

Today, John Lindfors, managing partner of DST Global, said in an e-mail to Cointelegraph that "it can confirm that DST has never invested in Bitmain."

Wu said that if an investor uses the information that DST Global invested in Bitmain to decide whether to contribute his own money, he could force him to request a refund. If Bitmain refused, investors could take legal action.

Bitmain closed its financing round before the IPO earlier this month, stating the participation of high-profile investors such as the Chinese technology conglomerate Tencent and SoftBank from Japan, which owns a 15 percent stake in Uber.

Last week, SoftBank told Cointelegraph that the reports that support Bitmain's original public offer were also false. A spokesman said that "neither the SoftBank Group Corp. nor the SoftBank Vision Fund were involved in any way in the agreement."

The fact that Bitmain did not register any profit in the second quarter raises doubts about the company's financial situation. Earlier this month, the Blockstream CSO, Samson Mow, tweeted:

Why does Bitmain raise capital so quickly and does it only show the results of the first quarter to the investors of the pre-IPO? We are already in the third quarter. The reason is that the second quarter was a disaster. Bitmain is in a huge $ 1.24 trillion USD inventory and the prices of S9 fell by ~ 85%! The losses in the second quarter are between 600 and 700 million dollars.

Red Li, co-founder of 8btc, said:


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Fuzzy and misleading statements detected in the Bitmain investor platform



Vague statements about the investment platform of Chinese mining giant Bitmain Technologies provide a vague and potentially misleading overview of investors for their rumors Initial Public Offering (IPO).

In a Bitmain pre-IPO investment package purchased by Cointelegraph, DST Global is listed as an investor, claiming that the investment was "recently completed".

Bitman

Henry Wu, lawyer and legal expert of the Chinese law firm L & Y Law Office, spoke with Cointelegraph and explained that the wording of the original Chinese document is very vague. Although it is possible to challenge the meaning, for the non-expert or for a potential non-initiated investor, the language would suggest that Bitmain obtained funds from DST Global.

Today, John Lindfors, managing partner of DST Global, said in an e-mail to Cointelegraph that "it can confirm that DST has never invested in Bitmain."

Wu said that if an investor uses the information that DST Global invested in Bitmain to decide whether to contribute his own money, he could force him to request a refund. If Bitmain refused, investors could take legal action.

Bitmain closed its financing round before the IPO earlier this month, stating the participation of high-profile investors such as the Chinese technology conglomerate Tencent and SoftBank from Japan, which owns a 15 percent stake in Uber.

Last week, SoftBank told Cointelegraph that the reports that support Bitmain's original public offer were also false. A spokesman said that "neither the SoftBank Group Corp. nor the SoftBank Vision Fund were involved in any way in the agreement."

The fact that Bitmain did not register any profit in the second quarter raises doubts about the company's financial situation. Earlier this month, the Blockstream CSO, Samson Mow, tweeted:

Why does Bitmain raise capital so quickly and does it only show the results of the first quarter to the investors of the pre-IPO? We are already in the third quarter. The reason is that the second quarter was a disaster. Bitmain is in a huge $ 1.24 trillion USD inventory and the prices of S9 fell by ~ 85%! The losses in the second quarter are between 600 and 700 million dollars.

Red Li, co-founder of 8btc, said:


Source link

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