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 it will repurchase up to $10 million in stock, followed by a prolonged period of underperformance.
Blockchain investment firm Digital Currency Group (DCG) has acquired Luno, a retail-focused cryptocurrency exchange with over 5 million customers spanning over 40 countries. Luno will continue to operate as an independent, wholly owned subsidiary of DCG, the companies said. The financial terms of the acquisition were not disclosed in an announcement Wednesday, CoinDesk’s Ian Allison reports. The deal marks another shift in strategy for DCG (which also wholly owns CoinDesk) as it makes a full acquisition of a solidly retail-focused business. “We have invested in many retail businesses all over the world – including nearly two dozen exchanges,” said Mark Murphy, DCG’s chief operating officer. “But this is the first subsidiary that is a wallet and an exchange, which of course have large numbers of retail investors.”