Hut 8 Mining Corp Rebuts Jcapital Research's Controversial Claims: 'Unfounded Attacks'
Summary:
Bitcoin mining company Hut 8 has vehemently denied allegations lodged against it in a report by Jcapital Research dated January 18. The company dismissed the report as filled with inaccuracies, speculative claims, and baseless character attacks. Board Chairman Bill Tai reiterated the board's trust in the current management and the merged entity with US Bitcoin Core (USBTC). Jcapital's report had portrayed USBTC as backed by promoters with a checkered legal history. Despite these claims, Hut 8 maintained that the report was a deliberate attempt to spread misinformation about the company's operations and financials.
On January 24, Bitcoin mining company Hut 8 categorically rejected allegations levied against it in a negative report from Jcapital Research, an investment information service provider, dated January 18. The company branded the report as laden with errors, manipulated information, unfounded assertions, and baseless personal attacks. Aggrieved by the inaccurate portrayal, Hut 8 urged stakeholders to consult the company's formal documents lodged with the United States Securities and Exchange Commission (SEC) and Canadian securities regulators, maintaining that these documents represent accurate data about the business.
Hut 8's board chairman, Bill Tai, asserted the board's unyielding trust in the existing administration. He iterated the board's uninterrupted focus on the long-term vision and ongoing success of Hut 8, emphasizing their commitment to governance and supervisory functions that align with stakeholders' best interests.
Jcapital Research's inflammatory report suggested a looming 'pump and dump' scenario involving Hut 8 and pointed to new risks facing investors following the company's merger with US Bitcoin Core (USBTC). The report branded USBTC as backed by people with questionable legal histories and depicted Hut 8's chief strategy officer, Michael Ho, as involved in dubious business dealings. The report further linked USBTC with a notorious stock promoter group in Hong Kong, the "Honig group," accused by the SEC of fraudulent schemes. USBTC was reportedly penalized by the SEC for attempts to cover up these connections.
Despite basing its report on investor 'activism,' Jcapital asserted its commitment to present verifiable facts, warning that their status as activists may result in gains from stock value fluctuations but clarified that they do not offer trading advice.
Hut 8, in its response on January 24, described the Jcapital research report as an intentional attempt to circulate false information about the company, its business performance, financial status, management practices, and key personnel.
Published At
1/25/2024 12:16:37 AM
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