Micree Zhan, CEO of Bitmain, the mining-equipment maker, filed suit against competitor MicroBT and its founder Yang Zuoxing for misappropriation of trade secrets. Chinese journalist Colin Wu reported.
Breaking: Bitmain sued Microbt (Whatsminer) and its founder Yang Zuoxing again on April 7th. Prior to this, Police arrested Yang for infringing on trade secrets. But Yang was released on bail pending trial and was free. After Micree Zhan returned, he attacked Whatminer again. pic.twitter.com/MmyjPlnTDy
— Wu Blockchain (@WuBlockchain) April 7, 2021
In 2016, Yang Zuoxing was responsible for developing the company’s flagship products — the AntMiner S7 and S9. In sales of these models, Bitmain earned $1 billion in profit in 2017 and another $1 billion in the first half of 2018.
Yang Zuoxing left the firm and founded MicroBT after Bitmain’s co-founders refused him an equity stake.
In 2017, Bitmain filed a civil action against Yang, accusing him of infringing a patent granted to Bitmain for Bitcoin mining equipment.
In October 2018, through the Chinese intellectual property court, MicroBT’s team invalidated the patent. The case was closed.
In November 2019, Chinese police detained Yang Zuoxing for infringement of Bitmain’s intellectual property. A month later he was arrested again on charges of embezzling 100,000 yuan (about $15,286 at the time of writing).
As reported in January 2021, MicroBT will conduct an initial public offering on the Nasdaq stock exchange.
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