IPO news

A type of public offering in which shares of a company are sold to institutional investors and usually also retail (individual) investors.

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Bitmain Looking to Replace Its Two CEOs: IPO Jeopardized?

Bitmain, the Bitcoin mining giant, is reportedly looking to replace its two founders with an in-house tech chief, sources told the South China Morning Post. Bitmain’s Founders Could Be Stepping Aside Ahead of the Company’s IPO The world’s largest manufacturer of cryptocurrency mining hardware is reportedly looking to replace its top management in a move that left the entire crypto industry surprised. According to the South China Morning Post, people with knowledge of the matter said that the company has already named a new CEO. The new chief executive will be replacing Bitmain’s founders and co-CEOs Jihan Wu and Micree Zhuan. Related: Bitcoin Miners Ruined by Downturn, “Selling Hardware by the Pound”; Giga Watt Files Bankruptcy The new CEO is reportedly Wang Haichao, who held the position of Product Engineer Director in the company. The anonymous sources said Wang had already taken over CEO duties from Wu and Zhan in December 2018. However, no timeline has been given on when the transition period will be over and Wang will officially take over. Both Bitmain and Wang have remained silent on the issue, despite the fact that the news was first reported at the end of 2018 by local Beijing-based media. Wu and Zhan will be distancing themselves from Bitmain’s day-to-day operations, the sources said. Nevertheless, they will retain their influence over any major decisions regarding the company. It is still unclear why the duo will be moving away from their positions. It has been reported that the pair disagreed on certain issues as co-CEOs, the South China Morning Post reported, which could explain their decision to appoint a new leader. Tough Times Ahead for Bitmain’s New CEO Bitmain’s alleged new CEO will have a tough year ahead, as the company is facing significant hurdles. Despite accounting for 75 percent of the world’s supply of mining rigs, Bitmain lost more than 70 percent of its value in 2018. Related: Why Bitmain is Purposely Losing Money in its Bitcoin Mining Business The prolonged bear market has caused nearly all of the 2,000 cryptocurrencies listed today to lose much of their value, deeming a large percentage of global mining operations unprofitable. This directly impacted Bitmain’s value, causing major financial strain that could lead to a third of its 3,000 employees being laid off. While the public is waiting for Bitmain to confirm the new CEO, many have raised questions about Wang’s ability to lead the company. A Tsinghua University graduate, Wang worked as a product manager at Availink, a Beijing-based semiconductor design house, for seven years before joining Bitmain in 2017. We have yet to see if appointing Wang as CEO will attract new investors, or just act as a smokescreen to distract from the company’s financial woes. The post Bitmain Looking to Replace Its Two CEOs: IPO Jeopardized? appeared first on CryptoSlate.
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Crypto Mining Giant Canaan Considers New York IPO

Chinese bitcoin mining hardware firm Canaan is considering an initial public offering (IPO) in the US after shelving its Hong Kong IPO plans. Canaan produces application-specific integrated circuits (ASICs) for use in bitcoin mining. As of September 2018, the company was the world’s second-largest mining hardware manufacturer. In May 2018, Canaan filed for an IPO on the Hong Kong Stock Exchange (HKEX), seeking to raise $1 billion. The Canaan’s Hong Kong IPO sponsors reportedly included Credit Suisse, CMB International Capital, Deutsche Bank and Morgan Stanley. However, the company did not proceed ahead and its Hong Kong listing application lapsed in November. Citing people with knowledge of the matter, Bloomberg reported that Canaan is now considering the possibility of selling its shares in New York in the first half of this year. “Deliberations are at an early stage, and there’s no certainty they will lead to a transaction,” the people said. Other crypto mining firms have also filed for Hong Kong IPOs last year, including Bitmain, the largest maker of specialized mining chips for the crypto mining industry, and Ebang International Holdings. Both firms could also end up having to look elsewhere as the HKEX is reportedly reluctant to approve crypto-related IPOs due to the volatile nature of the industry.
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Bitmain Crypto Mining’s Co-Founders to Step Down to Co-Chairs, Plan to Add New CEO Soon as IPO Stalls

It has been recently revealed that Co-Founders of Bitmain, Jihan Wu and Micree Zhan are to step down from their roles as co-CEOs and to take on the position of co-chairs reports South China Morning Post (SCMP) (https://www.scmp.com/tech/policy/article/2181392/bitmains-two-founders-step-aside-chinese-cryptocurrency-giant-taps). Further reporting noted that this decision has been in place as early as November or December given that the “transitioning period” commenced in December. As for the potential, future CEO of Bitmain, SCMP noted that it is none other than the director of product engineering, Wang Haichao, as per unnamed sources. Wang supposedly has taken over some of the tasks between both current CEOs to ensure the transition is smooth, however, the exact timeframe in which Wang will officially become the CEO remains undecided. Just because Jihan Wu and Micree Zhan will have to step down from a significantly high position, it doesn’t mean they have no say in the overall Bitmain operations. Although the duo no longer can take part in the “company’s day-to-day business activities,” they do play a role in the final decision making process. News outlet, Tech Crunch has also reported on this matter and decided to reach out to Bitmain in getting a comment, however, the opportunity has since been denied (https://techcrunch.com/2019/01/09/bitmain-is-reportedly-getting-a-new-ceo/). The need for changing leadership does not appear to be entirely clear, but one could assume it is namely because of Bitmain’s current stance. Given that Bitmain is the largest provider of crypto mining hardware, and the fall in cryptos, the firm is surely to have gotten hit. This has been reflected in an announcement made by Bitmain itself, in which the firm was considering laying off staff. As per CoinDesk, about 50% of staff have already been asked to resign last month alone (https://www.coindesk.com/bitmain-poised-to-appoint-tech-chief-as-new-ceo-says-report). Moreover, their announcement on a potential initial public offering (IPO) has helped them gain some momentum in terms of revenue, however, the Hong Kong Stock Exchange (HKSE) does not seem to be in support of the endeavor because cryptocurrency and blockchain industry is doubted of due to its infancy and lack of maturity within the country. Hopefully, Bitmain is able to overcome these struggles and maybe, a change in leadership is needed as it simply signifies a different outlook on operations and direction!
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Bitcoin Mining Giant Canaan Looking into a U.S. IPO

Canaan, the second-biggest maker of Bitcoin mining hardware in China, is considering listing in the U.S. after shelving plans for a Hong Kong initial public offering, Bloomberg reported on January 8, 2019. Listing in the U.S. after Abandoning Hong Kong IPO China’s second-biggest manufacturer of Bitcoin mining hardware is reportedly looking to try its luck in the U.S. after shelving...Read More. The post by Priyeshu Garg appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
BTC Manager

China’s Bitcoin mining hardware manufacturer Canan Inc. moves to US listings after shelving Hong Kong IPO

China’s second-biggest maker of Bitcoin mining hardware, Cannan Inc., shelved plans for a Hong Kong Initial Public Offering [IPO] and might consider listing in the US, said a source in a report by Bloomberg. The Bitcoin mining hardware company, aiming to raise about $1 billion earlier, now is examining the possibility of selling shares in NASDAQ in the first half of the year, reported the publication. However, the discussions for the same are still going on and it’s too early to say whether it will lead to a transaction, reported the publication. The company’s listing application terminated in November 2018. As per the data collected by the publication, Chinese companies have raised up to $1.9 billion through US IPOs and any deal thus made would just add to this number. The publication reached out to Caanan’s co-chairman, Jianping Kong, however, he did not respond. The top cryptocurrency, Bitcoin [BTC], has fallen by 79 percent from its record high in December 2017 and ever since, it has been difficult for the cryptocurrency companies to attract investors from stock-market. This made it less profitable for miners to generate new coins, reported Bloomberg. The largest producer of specialized mining chips for the crypto industry, Bitmain Technologies Holding Co., and smaller competition like Ebang International Holdings Inc., have registered for Hong Kong IPOs in 2018. However, as per CoinTelegraph, Bitmain’s IPO attempt has failed, “due to reluctance from Hong Kong’s stock market regulator”. The Beijin-based Caanan Inc., also sells computer equipment under the name of Avalon, along with customized chips that obtain digital currency by solving complex mathematical puzzles. The company was formed in 2013, registered 1.31 billion Yuan, an equivalent to $191 million of revenue in 2017 as per the Hong Kong exchange filing in May. The sponsors of Caanan’s intended Hong Kong listing was sponsored by Morgan Stanley, Deutsche Bank AG, Credit Suisse Group AG, and CMB International Capital Ltd. as per the filing. The post China’s Bitcoin mining hardware manufacturer Canan Inc. moves to US listings after shelving Hong Kong IPO appeared first on AMBCrypto.
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BAT Outperforms Bitcoin, XRP On New Brave Browser “Rewards” Feature

Brave Browser Announces BAT “Rewards” Feature On Tuesday, Brave Browser, a crypto-friendly internet application headed by the founder of Mozilla Firefox, Brendan Eich, made a surprising announcement, seemingly aiming to start of 2019 with a proverbial bang. Via a company release, conveyed through its in-house blog, the Brave and Basic Attention Token (BAT) team, which consists of Eich, coupled with an array of fintech, Silicon Valley, and crypto veterans, revealed that it would be previewing “opt-in ads in [the] desktop browser developer channel.” While this feature sounds nebulous, there’s more to this integration than meets the eye. In fact, as broken down in a PC Magazine feature article, this new advertising model will allow common Joes and Jills to earn crypto, in the form of BAT, and potentially other rewards in the feature. This new offering, dubbed Brave Rewards, will siphon 70% of earned ad revenue to users who agree to view advertisements. The remaining 30% will be paid to Brave’s war chest — a likely controversial play, but one necessary for the blockchain project’s long-term survival. Rewards will be available via Brave’s developer/test browser edition. It wasn’t exactly divulged when the innovative feature would hit the publics’ desktops, but the following GIF is how the feature will work: Looking outwards, the Brave team revealed that they expect opted-in users to earn upwards of $60 to $70 a year in the near future, with their preliminary projections predicting that $224 a year could be earned by 2020 through Brave’s in-house ecosystem. While this sounds great — an effective free $224/year for viewing ads — like all things too good to be true, there’s a catch. At the time of writing, Brave has announced support for BAT token withdrawal, as the company wants Rewards’ users to reward their favorite content creators, whether it be large new portals or Youtubers. After this feature goes live successfully, Brave intends to activate “publisher-integrated ads,” which will allow content creators to feature “private ads” on content creators’ pages through the startup’s systems. The company subsequently explained its Brave Ads offering and its applications/benefits from a top-down perspective, writing: With Brave Ads, we are reforming an online advertising system which has become invasive and unusable. Users have turned to ad blockers to reclaim their privacy from ads that track them and sometimes even infect them, and publishers are finding it increasingly difficult to earn ad revenue to sustain quality content with intermediaries that collect huge fees. It is important to reiterate that at this time, this newfangled feature is technically in its beta phase. Due to this positive news, the popular altcoin, which recently gained the support of industry powerhouse Coinbase, has posted a respectable price gain. At the time of writing, BAT is currently valued at $0.125 apiece, posting a 3% in the past 24 hours. The crypto, currently the 36th in this market’s standings, is currently outperforming Bitcoin (BTC) by 2.7%, and Ethereum (ETH) by 2.4%. Crypto Lulls: Bitcoin, Ethereum, XRP Post Barely Any Movement In the same vein of cryptocurrency prices, the broader market has posted close-to-zero movement in the past 24 hours. Per data from Coin Price Watch, BTC has found itself at $3,645 — a mere 0.58% gain over the past day. Other leading crypto assets have also posted slight gains, but have still underperformed BAT. XRP, the go-to asset for fintech upstart Ripple, is up 1.27%, as it sits just shy of the $0.33 price level at $0.3296. ETH, which recently tumbled due to the delayed Constantinople fork, has found itself up by 2%, regaining a portion of the losses incurred yesterday. While the market is trending slightly positive, some analysts expect that BTC is ready to dive. Speaking to MarketWatch, Jani Ziedens of Cracked Market claimed that BTC, if truly oversold, should be posting monumental gains right now, rather than finding itself in an extended lull. So, Ziedens added that this “lethargic base” indicates that demand is limited, “incredibly weak” even, and as such, lower crypto bottoms may be inbound. BAT Title Image Courtesy of Descryptive.com via Flickr The post BAT Outperforms Bitcoin, XRP On New Brave Browser “Rewards” Feature appeared first on Ethereum World News.
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Cryptopia Hacker Moves Stolen Crypto to Binance; Community Alerts CZ and Funds Are Frozen

It is clear that hackers gave themselves a place to stay in the cryptocurrency industry, which was only made more evident by a recent security breach that happened over the last few days. Cryptopia, a leading exchange in New Zealand, announced a breach that ended in a major theft on January 14th. However, unlike the unfortunate tale that many other exchanges succumb to, that is not the end of the story. The official statement notes that Cryptopia has placed itself into a maintenance mode, helping them to protect their accounts until the regulatory authorities of New Zealand provide other details. Both the High Tech Crimes Unit and the local police are pursuing investigative efforts, though they have commented that “a significant value of cryptocurrency may be involved.” At this point, the actual amount has not been released, and no substantial details have been provided. Still, that has not stopped local news portal Radionz from reporting that the loss is close to $3.6 million. A Twitter user, ShaftedTangu, seems to know where these digital assets are going. On the posts, the user said, Hey @cz_binance Binance has stolen tokens from Topia hitting it sir. Can you lock it down? https://t.co/0XllsBejUV — I Dream Of Alts (@ShaftedTangu) January 16, 2019 Through a string of additional tweets, the user continued to track the funds, as he mentioned wallet address 0x9007a0421145b06a0345d55a8c0f0327f62a2224. In another tweet, he claimed, “Currently the 0x900 wallet contains around $10 mil USD of tokens, large amounts are $PRL $2mil, $CENNZ $1.168 mil, $Denacoin $2.73 mil, $MSP $0.99 mil” Luckily, just under four hours after the original tweet, CZ Binance replied. The reply said, Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic — CZ Binance (@cz_binance) January 16, 2019 With such a nonchalant type of reply, it is quite a victory for Cryptopia and Binance that the funds could be frozen at all. However, the victory has not been won yet, considering there is no indication of exactly who performed the hack in the first place. Cryptopia has remained silent, though they posted to their own Twitter profile, saying, “We cannot comment as this matter is now in the hands of the appropriate authorities. We will update you as soon as we can.” As a result of these issues, Zhao posted that users should keep their holdings on exchanges, rather than a hardware wallet. However, his post caused an onslaught of negative replies, with some saying that his post implied that self-storage is substantially riskier than storing on a seemingly “reputable” exchange. Zhao later retracted, saying that he was not advising investors to store funds on exchanges. In the first half of 2018 last year, there was over $731 million lost in thefts involving exchange hacks. However, none have reached the severity experienced by the 2014 Mt. Gox hack.
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Binance Freezes ‘Some of the Funds’ Stolen in Cryptopia Hack

Some of the stolen cryptocurrency from yesterday’s Cryptopia hack has been sent to Binance, which has confirmed already freezing some of the funds.  Binance Freezing Funds Stolen from Cryptopia Twitter account @ShaftedTangu has alleged that some funds stolen as a result of Cryptopia’s hack have been siphoned through Binance. The amounts sent to Binance in question include roughly $7,500 in Metal (MTL) 00, $6,750 in KyberNetwork coin (KNC) 00, $7,181 OmiseGO tokens (OMG) 00, and $8,724 in EnjinCoin (ENJ) 00. All of it totals around $30,000. Changpeng Zhao, CEO at Binance – the world’s largest cryptocurrency exchange by means of traded volumes, has confirmed the allegations, reassuring that they’ve already frozen some of the funds. Zhao commented: Just checked, we were able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high-risk maneuver for them. Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic — CZ Binance (@cz_binance) January 16, 2019 Bitcoinist reported yesterday that Cryptopia’s security has been breached, resulting in ‘significant losses’. Police in New Zealand also confirmed. Binance Caught in the Fire Zhao’s tweet caused a reaction in crypto Twitter’s community as one user (@Crypto_Bitlord) expressed his bewilderment that Zhao referred to “social media” as a means of reporting rather than Binance’s own surveillance systems. I’m genuinely shocked stolen funds from @Cryptopia_NZ have easily passed through @binance UNDETECTED until social media flagged them. This raises some big questions. How is that possible with modern blockchain analysis? — Sir Bitlord (@Crypto_Bitlord) January 16, 2019 On the matter, Binance’s CEO said: It’s quite easy to generate a brand new address. We (and no one) recognize every transaction out there. We already have very in-depth and detailed blockchain analysis. Yet, the question remains – if a regular Twitter user has been able to detect the transaction in question, how, and more importantly – why did Binance miss it? Perhaps the better question, as posed by @Crypto_Bitlord is: So you are saying criminals can steal funds and just create a brand new address to send to before binance? In the meantime, Binance announced today the launch of their Binance Jersey fiat exchange. The platform is aimed at traders from Europe and it offers BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR trading pairs. What do you think of Binance missing the transactions in question? Don’t hesitate to let us know in the comments below! Images courtesy of Shutterstock The post Binance Freezes ‘Some of the Funds’ Stolen in Cryptopia Hack appeared first on Bitcoinist.com.
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