Bitmain’s appeal to recoup $30 million in alleged lost revenues from Poolin has been denied, Digital Currency Group has acquired a retail-focused exchange and Venezuelan officials appear to have blocked access to Coinbase.
A court in China has denied an appeal by bitcoin mining giant Bitmain seeking $30 million in damages from the three co-founders of Poolin, one of the world’s largest cryptocurrency mining pools, CoinDesk’s Wolfie Zhou reports. The mining giant Bitmain claims Poolin’s founding executive broke non-compete agreements in starting its BTC mining operations, leading to millions in lost revenue. While the Beijing No. 1 Intermediate People’s Court found Bitmain failed to provide sufficient evidence that its business losses equaled more than fines already imposed, it did agree to increase fines for Poolin’s co-founders. Bitmain originally sought $4.3 million in restitution when filing the suit in April 2019. Meanwhile, rival mining firm Canaan said