Bitmain has ~$680K assets frozen due to contract dispute
December 16, 2019, 10:31AM EST
1 min read
A Chinese district court recently approved a request to seize RMB 47,187,106.68 (around $675,800) of Bitmain's assets, per a court ruling announcement published on Dec. 13.
The request was submitted by Dongguan Yongjiang Electronics Co, an electronic device vendor, to the Bao'an district court in the city of Shenzhen. The firm and Bitmain's Shenzhen-based subsidiary Shenzhen Century Cloud Core Technology Co are currently locked in a sales contract dispute. The seized properties are under contention and will go to the electronic company should the court rule in favor.
The court permits Bitmain to appeal against the ruling, although it is not clear what kinds of actions Bitmain has taken since the ruling, which was dated September 27. A Bitmain representative didn't respond immediately to a request for comment.