Ebang: Yet Another Crypto “China Hustle” Absconding With U.S. Investor Cash
Ebang International Holdings Inc (NASDAQ:EBON) is a China-based crypto company that has raised ~$374 million from U.S. investors in 4 offerings since going public in June 2020.Q1 2021 hedge fund letters, conferences and more While the company represented that it would use the majority of its numerous capital proceeds to develop its business operations, our research discovered it instead directed much of the cash out of the company through a series of opaque deals with insiders and questionable counterparties.For example, the company directed $103 million, representing ~$11 million more than it...