Bitmain's investors can file a class action suit against the company.



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One of the hottest critics of mining giant Bitmain on Twitter, user BTCKING555, said several investors are preparing a class action lawsuit against the company in Hong Kong's jurisdiction with the aim of recovering its investments after the IPO deadline.

He also states that last summer Bitmain was able to raise $ 700 million, and that alone saved the company from bankruptcy. However, investors expected that, with the launch of an IPO, the value of their stake would increase significantly, which has not yet happened.

At the moment, according to Blockstream strategic director Samson Mou, Bitmain is in debt to suppliers and suppliers, and sells Antminer S15 devices at a loss to cover at least part of the costs. In addition, the new 7-nanometer chip is supposedly infeasible.

Recall Jihan Wu left the CEO position, but left behind a chair on the board. The company promises to reapply for an IPO in the future.

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