Bitmain Co-Founder retaliates to Coingeek’s news which reported of company’s problems

By Divya Bhatia
Published November 5, 2018 Updated November 5, 2018
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Bitmain Co-Founder retaliates to Coingeek’s news which reported of company’s problems

By Divya Bhatia
Published November 5, 2018 Updated November 5, 2018

Hours after Coingeek reported of Bitcoin mining manufacturer Bitmain, being in problems of debt and is on verge of losing its key chipmaker, Bitmain’s Co-Founder Jihan Wu took on to Twitter to lash the publication for spreading false news and also said that it was controlled by Fake Satoshi- a term he had used to describe Craig Wright.

The BCH Fork controversy is just getting murkier as both Craig and Wu mock each other


Coingeek, in its recent report, claimed that it had heard from multiple sources close to Bitcoin mining manufacturer Bitmain that the company is no longer receiving chips from its chief supplier Taiwan Semiconductor Manufacturing Company TSMC. The report further stated that Bitmain’s account with TSMC is reportedly in arrears to the tune of over $300 million. Bitmain owed TSMC $1 billion but could only manage to pay $700 million and is unable to pay the remaining debts. Coingeek says that its yet to receive a response from TSMC regarding Bitmain’s debts but as per its sources it’s unlikely TSMC will continue to do business with Bitmain even if they are able to make their debt payments. It quotes

“If TSMC continues to do business with Bitmain, they’ll require a good behaviour bond. Their chips will slow to market as they won’t start work until they’ve received payments for future orders in full.”

As per the report according to another source, Bitmain’s CEO Jihan Wu is running out of time to pay off the company’s debts. With close to a quarter of a billion dollars owed to other accounts, he has less than six months to make his creditors whole.

As the news report doesn’t hold any official disclosures or name of sources, it gave chance to Bitmain’s CEO Jihan Wu to lash back at the news as he tweeted that Coingeek is controlled by “Fake Satoshi (Craig Wright)”.

This is the second instance after September when both of them were found mocking each other. This happened when someone on Twitter asked if it meant that no agreement had been reached between Craig Wright and Jihan Wu. Jihan Wu had called Wright “Fake Satoshi “ then too when the following tweets had surfaced

The Bitcoin Cash (BCH) community continues to rage with controversy in the lead-up to the proposed November hard fork. As the industry stands divided between Craig Wright and Jihan Wu – both of whom represent the two sides of the BCH debate, any news that arrives on the street regarding the either of the two is not taken well by either of them.

Will, both Craig Wright and Jihan Wu, reach a settlement or will this battle continue? DO let us know your views on the same.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Divya Bhatia
28 Articles
Divya Bhatia from Computer science background is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Reach out to her at [email protected]

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