February 1, 2023

Shenzhen court froze $ 676 thousand assets of Bitmain subsidiary

Shenzhen District Court ruled to freeze assets of Bitmain mining subsidiary - Shenzhen Century Cloud Core - worth 4,718,710 yuan (about $ 676,000).

Dongguan Yongjiang Electronics is known to bea manufacturer of spare parts for electronic equipment, filed a lawsuit on September 24 with a request to freeze the indicated amount as a guarantee that these assets could be awarded to him if he wins the current dispute with the defendant under a trade contract.

The court granted the petition of Dongguan YongjiangElectronics, however, it is still unknown when the organization's assets will be unfrozen. At the same time, Shenzhen Century Cloud Core has the right to appeal this ruling.

Perhaps partly the decision of the court was affected bythat earlier the Bitmain brand was used by scammers who distributed their Bitmain Cloud Miner product to promote the Mangocoin cryptocurrency. However, in August, Bitmain warned users that it had nothing to do with this project and turned to law enforcement agencies about the illegal use of its trademark.

Bitmain sues last yearUS company UnitedCorp, accusing the mining giant of conspiring with the Bitcoin.com portal, Roger Ver and the Kraken cryptocurrency exchange to take control of the Bitcoin Cash network in order to centralize it.