Short seller Hindenburg Research says Ebang International is a crypto ‘China hustle’ taking US investors’ cash

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Hindenburg Research said Ebang International is a "yet another crypto China hustle" taking US investors' cash in a report on Tuesday. The short-seller, who recently unraveled Nikola's deal with GM after a scathing report on the EV maker, is targeting Ebang and its CEO Dong Hu with serious allegations of shifting money to relatives to repay loans, mischaracterizing sales in its bitcoin mining machine business, and inflating its crypto exchange volume metrics. Ebang International is a Hangzhou, China-based manufacturer of bitcoin mining machines that recently launched a bitcoin exchange called "Ebonex." The company has raised roughly $374 million from US investors in four public offerings since going public in June 2020. Ebang stock hit record highs of $11.78 per share on March 17 before a dramatic fall. Below Insider details a few of the claims against Ebang in Hindenburg's report: These are just a few of the complaints against Ebang International Hindenburg lays out in its research report. Ebang didn't immediately respond to Insider's request more...