Blockchain Bites: Bitmain Denied, Coinbase Blocked and a Potential EOS Exit Scam

[Galaxy]

A court in China has denied an appeal by bitcoin mining giant Bitmain seeking $30 million in damages from the three co-founders of Poolin, one of the world’s largest cryptocurrency mining pools, CoinDesk’s Wolfie Zhou reports. The mining giant Bitmain claims Poolin’s founding executive broke non-compete agreements in starting its BTC mining operations, leading to millions in lost revenue. While the Beijing No. 1 Intermediate People’s Court found Bitmain failed to provide sufficient evidence that its business losses equaled more than fines already imposed, it did agree to increase fines for Poolin’s co-founders. Bitmain originally sought $4.3 million in restitution when filing the suit in April 2019. Meanwhile, rival mining firm Canaan said it will repurchase up to $10 million in stock, followed by a prolonged period of underperformance.
Info Link: https://www.coindesk.com/blockchain-bites-bitmain-coinbase-eos