HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Bitmain Lawsuit Heats Up, Plaintiffs Fight Motion to Dismiss

Other 2019/11/29 13:33 by Ali Raza
Bitmain US court motion to dismiss denied

United Corp, a Florida-based cryptocurrency company that sued Bitmain in December 2018, contested the mining giant’s motion to dismiss the case in a US court this week.


A cryptocurrency company United American Corp claims that China-based Bitmain should not be dismissed from the United States’ antitrust suit, as the mining gear maker requested.

The issue arose when Bitmain accused the United Corp of missing a deadline to serve the China-based firm. United Corp denied the accusations, claiming that both Bitmain and its CEO, Jihan Wu, were aware of the lawsuit against them. Instead, the firm continues to claim that it did everything in its power to properly serve the Chinese firm, and do its part before the deadline.

Bitmain vs. United Corp

Bitmain, on the other hand, claims the opposite in its November 12th motion. According to the mining giant, United Corp missed the deadline by as many as four business days. They claim that they do not have enough ties to the United States to face a jury there, much less to be aware of their obligations without being notified. United Corp once again claims otherwise, even stating that Bitmain’s current CEO, Jihan Wu, currently lives in San Jose, California.

Furthermore, United Corp. claims that it can show the ties between Bitmain and the US if the Florida magistrate judge doubted that such ties existed.

Bitmain Woes

Some of the company’s proof includes the fact that Bitmain and Wu were represented by the same counsel that represents related entities. Another thing that United Corp had pointed out is that the mining giant also filed for an IPO recently in the US. They also rented office space in San Jose. Finally, according to the company, Bitmain also invested hundreds of millions of US dollars in a Texas-based data center.

Even that is not all, as Bitmain supposedly has an entire history of business deals in the US, in general. In other words, Bitmain’s claim that it doesn’t have ties to the state of California is irrelevant, as United Corp only needs to prove ties to the US itself.

Bitmain and Wu are only two of the nine names that were listed as defendants in the antitrust suit, although all of them have moved for dismissal.

Bitmain itself is one of the largest companies in the crypto industry, and it is known for its development of mining gear. Less than two months ago, the company announced two new models in their Antminer 17 series, as reported by Bitcoinist. The firm claims that its goal is to use modern technological breakthroughs to improve power efficiency and increase hashrate output.

What do you think about the ongoing Bitmain’s case? Let us know your thoughts in the comments below.


Images via Shutterstock, Case reference: United American Corp. v. Bitmain Inc. et al., case number 1:18-cv-25106, in the U.S. District Court for the Southern District of Florida.

The post Bitmain Lawsuit Heats Up, Plaintiffs Fight Motion to Dismiss appeared first on Bitcoinist.com.

1 Like(s)



You should also read...

Other 28/11/19 13:15 by Ali Raza
Bitmain’s Jihan Wu Announces Two New Antminer 17 Miners
This week, Bitmain Co-Founder, Jihan Wu, announced the launch of two new Antminer 17 series miners at the World Digital Mining Summit. The World Digital Mining Summit saw quite a bit of discussion ea...
Read More
Mining 01/12/19 21:45 by Jamie Redman
Despite Bitcoin’s Price Drop, High-Powered Mining Rigs Still Profit
Since BTC prices slid below the $8K price range, mining operations have been making less revenue. On Sunday, December 1, only 13 mining rigs with an average electricity cost of $0.12 per kWh are profi...
Read More
Mining 06/12/19 09:00 by Jamie Redman
Mining Chip Maker Ebang Next in Line to File for US IPO
Ebang, the ASIC chip and mining rig manufacturer based in Hangzhou, China is allegedly filing for an initial public offering (IPO) in the U.S. following Canaan’s recent Nasdaq listing and Bitmai...
Read More
Mining 10/12/19 02:30 by Jamie Redman
Bitcoin Mining Operations Offer New Strategies Before Reward Reduction
As the reward halving approaches, bitcoin miners are preparing new strategies so customers can reap the most profits from their hashrate services. On December 3, the mining operation Poolin introduced...
Read More
Mining 11/12/19 23:00 by Rick D.
China Continues to Dominate Global Bitcoin Mining, But for How Long?
New research shows that China’s dominance of the total Bitcoin hash rate continues to grow. The nation reportedly now accounts for around 66 percent of all the computing power supporting the Bit...
Read More