Bitmain Denies ‘Rumors’ Surrounding US IPO Cancellation

Bitmain Denies 'Rumors' Surrounding US IPO Cancellation

  • Bitmain’s long awaited US IPO will not be affected from Alleged BitClub Ponzi Scheme.
  • Earlier the twitter user, with account as BTCKING555, wrote about probable news of Bitman canceling IPO plans in the US.
  • An official from Bitmain’s Beijing headquartered Bitmain, declares the news not so true.

The recent news which popped into Twitter and left the public baffled now has an explanation. Earlier the twitter user, with the Twitter account as BTCKING555, wrote about probable news of Bitman canceling IPO plans in the US. But now the person relevant to the Beijing headquartered Bitmain, declares the report to be not so true.

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Some of the experts in the field have already mentioned this account to be proving fake news such as the previous ones of “Bitmain’s second-quarter financial report is imminent,” “Singapore may take legal action against Wu Jihan and its partners” and “Bitmain III Quarterly loss of $ 740 million “, etc.

According to some sources, it thought that the firm, which is the world’s leading manufacturer of cryptocurrency mining equipment, has undergone the crucial stage as the American Department of Justice (DOJ) has continuously been investigating the matter of sale of equipment for Bitclub.

It said that Bitmain has been funding its equipment to the Club, which is famous for its Ponzi scheme. Bitmain’s Yoshi Goto also seems to be the key person playing the leading role of the same.

A Ponzi Scheme is something sort of a Scheme which allows the lures investors and attracts them by paying them for their investments.

The scheme is one of the most common systems of fraudsters, which makes its investors believe that their source of income generated from the products and sales of the company, which is not the actual case. The scheme is such that it pays off its earlier investors with the income of the new investors.

Though BitClub has recently been under investigation and charged for the conspiracy to commit wire fraud and to sell unregistered securities, it hasn’t spoken anything of the Bitmain and Yoshi Goto.

According to Lianwen, US prosecutors had arrested three of those suspected of the Crypto Ponzi Scheme involving a $722 million earlier and has now its community.

The three suspected are said to have formed an ally and is now known as the BitClub Network, which used for pooling investors funds for providing the funds of the crypto assets to its older investors.

But now, as a counter-statement, the official members of the firm have laid down facts and figures, which showed the innocence of Bitmain. The IPO has always known about the news related to Bitmain, such as the filing of the secret prospectus, the Hong Kong Stock Exchange, etc.

Thus it is finally advised not to believe the account for any upcoming news for the account is unreliable.

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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