Bitcoin (BTC) mining play. What Happened: Hindenburg, the same short-seller that called the automaker Nikola Corporation (NASDAQ:NKLA) an “intricate fraud,” has now alleged in a report that Ebang is “yet another cautionary tale for inexperienced retail investors enthused by anything crypto-related.” The short seller said that Ebang directed $103 million — nearly $11 million more than its entire IPO proceeds — into bond proceeds linked to its underwriter AMTD. Hindenburg alleged that AMTD, a Hong-Kong-based firm, has a track record of fraud and faces self-dealing allegations levied against it by a large private equity firm in China and listings “that have subsequently imploded.”