Bitmain's IPO Woes
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 25 October 2018
⏱️ 8 minutes
🧾️ Download transcript
Summary
- Parties solicited to invest in the pre-initial public offering (IPO) funding round for Bitmain Technologies, Ltd., the leading maker of cryptocurrency mining software and hardware, received pitch decks falsely suggesting the company had secured financial backing from Digital Sky Technologies Global and GIC Private Limited.
- One of the oldest software wallet providers in the cryptocurrency industry is launching its first hardware product. Announced Thursday, Blockchain has partnered with hardware wallet maker Ledger and started taking orders for a new handheld device called Lockbox. The first batch of shipments will go out in November.
- Distributed ledger tech startup Ripple saw revenue from the sale of the digital asset XRP more than double this past quarter compared to the second quarter of 2018.
- The U.K. Royal Mint has suspended a long-running plan to create a crypto asset representing physical gold holdings.
- Deutsche Bundesbank, Germany's central bank, and Deutsche Börse, owner of the Frankfurt Stock Exchange, have completed a blockchain trial investigating the technology's potential in securities settlement.
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Transcript
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| 0:00.0 | Pitch decks connected to a pre-IPO funding round for Bitmain included false information about |
| 0:06.6 | investors according to a CoinDesk investigation. Good evening. I'm Mark Hoxton, and this is late |
| 0:14.8 | confirmation from Coin Desk, bringing you the top stories from Thursday, October 25th. |
| 0:21.6 | Also on today's show, Ripple see sales of digital asset XRP jump in the third quarter, |
| 0:28.6 | and industry startups blockchain and ledger have partnered on a new hardware offering. |
| 0:34.7 | Stay tuned for more on these stories on today's show. |
| 0:40.1 | Parties solicited to invest in the pre-initial public offering funding round for Bitmain, |
| 0:45.9 | the leading maker of crypto mining software and hardware, received pitch decks falsely suggesting |
| 0:51.9 | the company had secured financial backing from Digital Sky Technologies |
| 0:55.9 | Global and GIC Private Limited. The question is, who put those misrepresentations into the pitch |
| 1:02.3 | decks? CoinDesk was unable to verify the authenticity of the three versions identified and reviewed |
| 1:09.0 | outside of those who received them, because Bitmain has |
| 1:12.1 | not responded to multiple inquiries concerning their production and dissemination, even though all of |
| 1:17.5 | them printed the company name and a confidentiality warning on each slide, and two versions |
| 1:22.8 | prescribed deadlines and methods on bank wiring instructions. CoinDesk learned about the inaccuracy of the statements three days after reporting BitMain's |
| 1:31.2 | Series B investors on August 10th. |
| 1:34.1 | Jan Wooten, a representative for DST Global, notified CoinDesk by email that DST Global did not |
| 1:41.2 | invest in BitMain and asked for a correction to the article. Josh Lindsfer, |
| 1:46.2 | a DST Global Managing Director, confirmed Wooten's statement in another email weeks later, |
| 1:52.4 | refuting a DST global investment across BitMain's funding rounds altogether. The following month, |
| 1:59.3 | a GIC spokesperson issued the same denial when CoinDesk reached out for |
| 2:03.3 | comments. You can read our full investigative report on coindex.com. One of the oldest software |
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