The CEO of the mining equipment manufacturer Bitmain Mikri Zhang has filed a lawsuit against rival MicroBT and its founder Yang Zuoxing for violation of trade secrets. This was reported by Chinese journalist Colin Wu.
Breaking: Bitmain sued Microbt (Whatsminer) and its founder Yang Zuoxing again on April 7th. Prior to this, Police arrested Yang for infringing on trade secrets. But Yang was released on bail pending trial and was free. After Micree Zhan returned, he attacked Whatminer again. pic.twitter.com/MmyjPlnTDy
– Wu Blockchain (@WuBlockchain) April 7, 2021
In 2016, Zuoxing was responsible for the development of the company’s flagship products – AntMiner S7 and S9. From the sale of these models, Bitmain made a profit of $ 1 billion in 2017 and another $ 1 billion in the first half of 2018.
Yang Zuoxing left the firm and founded MicroBT after Bitmain’s co-founders denied him a stake.
In 2017, Bitmain opened a civil case against Ian, accusing him of infringing a patent issued by Bitmain for Bitcoin mining equipment.
In October 2018, the MicroBT team revoked the patent through the Intellectual Property Court in China. The case was closed.
In November 2019, Chinese police detained Yang Zuoxing for violating Bitmain’s intellectual property. A month later, he was arrested again on charges of embezzling 100,000 yuan (about $ 15,286 at the exchange rate at the time of writing).
We will remind, in January 2021, the media reported that MicroBT will conduct an initial public offering on the American stock exchange Nasdaq.