Vincent Man San Law, then chairman, now director of BTCM, celebrating the company's U.S. listing as WBAI. Photo by Alamy
Bit Mining Limited (BTCM): Trying Out the Crypto-Hoax Space
Initiation Report: May 27, 2021
- BTCM has been losing money since 2015, a year after its IPO. We think that’s intentional.
- We’ll show that the crypto mining plan is end-to-end hype .
- We found that BTCM overstated by 650% the revenue of the offshore lottery business it bought then falsely blamed a regulatory change for plummeting income.
- The company has been through five lines of business and three auditors since its core business was banned in 2015. Crypto mining is the latest promote.
- BTCM is known in China for running low-level scams and Ponzis . Unfortunately, a lot of U.S. investors have not yet caught on to the grift.