Ebang is Sued for Breach of Contract
One of the largest network equipment manufacturers, Ebang has become a defendant in a lawsuit held by the Beijing police Bureau. The case file states that the plaintiff signed an agreement with Ebang for $72 million. For these funds, the manufacturer of mining equipment had to supply the client with 90 and 10 thousand cloud servers, and in fact, the customer received only 65 thousand equipment products. This lawsuit may negatively affect the company's reputation. Given the fierce competition with such giants as Canaan, Bitmain and MicroBT, this can harm the future development of the company. By unconfirmed information, Ebang is going to become public in the near future and carry an IPO in the United States. Earlier we wrote that the Chinese court froze half a million dollars of Bitmain assets.