Bitmain Holds Nearly 6% of Bitcoin Cash Supply, Accused of Price Manipulation for IPO
Surfaced documents suggest that Bitmain has accumulated nearly $1 billion worth of Bitcoin Cash, raising eyebrows over the cryptocurrency’s role in a prospective $18 billion initial public offering (IPO). The documents were first tabled by Samson Mow in a Tweet, who included an excerpt from the pre-IPO prospectus released for the upcoming raise:
According to the Bitmain pre-IPO investor deck, they sold most of their #Bitcoin for #Bcash. At $900/BCH, they’ve bled half a billion in the last 3 months. If Bitcoin Core devs didn’t disclose the Bcash vulnerability, it could’ve wiped a billion dollars off their balance sheets. pic.twitter.com/9BMywdvvby
— Samson Mow (@Excellion) August 11, 2018 While the document cannot certify Bitmain’s cashflow, the multinational appears to have been liquidating its holdings of Bitcoin to purchase vast quantities of Bitcoin Cash, the fourth largest cryptocurrency by market capitalization. According to the investor deck, Beijing-based Bitmain has been steadily pouring
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