June 17, 2024

A lawsuit has been filed against the Chinese mining giant Ebang

Major miner manufacturer Ebang has become a defendant in a lawsuitBeijing's Public Security Bureaualready investigating a Chinese company.

According to 8btc, the plaintiff entered into contracts withEbang to purchase 90,000 and 10,000 cloud servers with a total value of 504 million RMB (~ $ 72 million). Subsequently, the customer received only 65,000 units from the company’s division in Zhejiang. However, the Ebang branch in Yunnan did not fulfill the contractual obligations by sending the goods to an unrelated third party.

Current lawsuit could adversely affectthe prospects of a company that competes fiercely with giants such as Bitmain, Canaan and MicroBT, the company that produces bitcoin miners WhatsMiner. Moreover, Ebang is supposedly going to have an IPO in the USA.

Things are not the bestCanaan creative. This company, although it took a significant share of the market from the once largest producer of Bitmain miners, its shares fell significantly after the IPO:

A lawsuit has been filed against the Chinese mining giant Ebang

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In turn,Bitmainin October, introduced improved miners of the S17 and T17 series, and returned to the postCEO Jihan Wu unveiled a new strategy to expand sales.In addition, Bitmain recently launched initiatives to lower entry barriers to mining.

However, a court in China recently froze assets3.6 million yuan Bitmain (about $ 514 thousand) in a subsidiary of Fujian Zhanhua Intelligent Technology. Shortly before, the assets of a subsidiary of Bitmain of 4.7 million yuan (more than $ 670 thousand) were frozen by the Shenzhen District Court.

Also recall, in June, Ebang refused to conduct an IPO on the Hong Kong Stock Exchange.