Chinese Court Freezes $680K of Bitmain Assets
Main page News, China, Mining, Cryptocurrency, Regulations
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Dec. 16, 2019
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A Chinese district court has seized approximately $675,800 of Bitmain's assets due to the dispute Dongguan Yongjiang Electronics Co and Bitmain.

The court document states that the seized assets are under contention and will go to the electronic company once the court rule in favor.

"After review, the court considered that the applicant's application complied with the law and should be allowed," the document states.

The document also claims Bitmain can appeal against the ruling.

Previously iHodl reported that Chinese police arrested a former engineer of the largest bitcoin mining manufacturer Bitmain and MicroBT CEO Yang Zuoxing.

Yang had been taken into custody due to a case involving the intellectual property rights of Bitmain.

Yang is known only to a tight circle as a chip designer who had left Bitmain in 2016 due to disagreement with Bitmain Co-founders Jihan Wu and Micree Zhan for a stake in the business.

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