MicroBT founder arrested for alleged embezzlement.

The founder and CEO of bitcoin miner maker MicroBT, Yang Zuoxing, has been arrested for alleged embezzlement of $15,000. Bitmain rival MicroBT has been gaining massive market share.

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According to the Chinese news outlet Finance Caixin, Yang Zuoxing was arrested by the Chinese police over alleged embezzlement of 100,000 yuan ($15,000). The details of the embezzlement were not revealed. MicroBT has been giving a serious competition to bitcoin miner maker giant Bitmain.

 

Yang was a former Bitmain Executive.

Yang Zuoxing Yang was formerly a processor design director at Bitmain. He left the company in June 2016 after he was denied an equity stake in the company by co-founders Jihan Wu and Micree Zhan. After leaving the Bitmain, he founded MicroBT, which has become one of the main rivals of Bitmain. Recently, Micree Zhan was removed from the Bitmain without his consent and is currently fighting legally to reclaim his position in the company.

 

MicroBT founder was taken in custody over IP dispute with Bitmain.

Earlier in November, Yang Zuoxing was taken in custody by the police over investigating an intellectual property dispute with Bitmain. Bitmain, in 2017, sued MicroBT over alleged infringement of a patent that Bitmain was granted for bitcoin miner-related technology. But the court dismissed the case. MicroBT has increased its market share quite rapidly over the past few years. China is responsible for the majority of bitcoin mining around the world.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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