The court decided to freeze Bitmain assets by $676 thousand

by in Blockchain News

Bitmain court China

Shenzhen District Court decided to freeze 4.7 million yuan (about $676 thousand) owned by Century Cloud Core one of the divisions of the Chinese mining giant Bitmain.

The court upheld the request by the supplier of spare parts for various electronic devices Dongguan Yongjiang Electronics to freeze Century Cloud Core funds as a guarantee if the company’s claim in the course of the contract dispute is satisfied.

Century Cloud Core is responsible for the packaging of the equipment.

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The decision was made on September 27 but published only now. How long the funds will be frozen is not yet clear. According to Chinese laws, bank accounts can be frozen for more than 6 months and other liquid assets for 12 months.

Bitmain didn't give any comment.

Since January, at least 4 lawsuits have been filed against the Century Cloud Core, Beijing Bitmain Technologies by various electronic device manufacturers.

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Recall that Bitmain itself has long been experiencing a conflict between the two co-founders.