Original:
Ebang International (
EBON) - Get Report shares plunged Tuesday after analysts at Hindenburg Research, a noted short seller, accused the China-based cryptocurrency group of the illicit use of capital raised from U.S. investors.
Hindenburg, which said it has a short position in Ebang, said the group directed $103 million most of which was raised from its June 2020 IPO into bond purchases linked to to AMTD (International) , a Hong Kong-based underwriter, and a further $21 million to repay related-party loans to Ebang Chairman/CEO Dong Hu’s relative.
Ebang s recently-launched cyrptocurency exchange, Ebonex, reports what appears to be fictitious volumes , Hindenburg said, that implies it s one of the largest spot exchanges in the world despite having no online presence.
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