Even though cryptocurrency mining has had quite a tough year helped in no small part by the overall decline in Bitcoin price, hardware manufacturer Bitmain has ridden it out better than most. Whilst the likes of Nvidia and AMD has reduced their reliance on cryptocurrency mining hardware business, Bitmain has emerged as a market leader.
And also, as a consequence, as something of a target.
Earlier this year, it's emerged that a hacker got temporary control of Bitmain's account on cryptocurrency exchange Binance. Furthermore, the hacker got savvy. They used other accounts - one at Binance and one at Bittrex - to ultimately get hold of their loot. They used the two accounts to influence price, and ultimately made off with some $5.5m in cryptocurrency from Bitmain's account. They did so by managing to inflate the price of the MANA token.
Now Bitmain is taking action. It's filed a lawsuit in the US District Court for the Western District of Washington, that's brought the case to light (and also revealed that all of this took place back in April). The hacker hasn't been named, and thus it's a 'John Doe' case. But Bitmain wants its money, and the lawsuit may lead to either of the exchanges involved having to reveal the identity of the hacker concerned.
Quite how successful Bitmain is likely to be with its case remains to be seen. But with the company strongly rumoured to be considering an IPO, it's clearly in a mood to defend its positions.
Here are the details of the lawsuit...
11/12/2018 / 05:40:42 Source: cryptonewsreview