A stay stream from a Folks’s Court docket in Beijing revealed that Bitmain recorded a lack of about $60 million in 2019, in keeping with the agency’s lawyer.
The courtroom listening to was about a labor dispute between former Bitmain worker – Mao Zhengqing and three others – with Beijing Bitmain Expertise. Within the lawsuit, the previous staff alleged that Bitmain didn’t pay them compensation and bonus packages. Bitmain had reportedly terminated its employment in early 2020 as a part of the corporate’s intention to lay-off a few of its employees.
In the course of the listening to, a lawyer who represented Bitmain revealed that the agency misplaced about 400 million yuan ($61 million) in 2019. Additional, Bitmain’s third and fourth quarters of 2018 noticed a lack of over $500 million, because the crypto markets slumped, the lawyer defined.
In accordance with Bitmain’s 2018 IPO prospectus, the agency made $1 billion in revenue within the first half of 2018. Total, the corporate recorded three billion yuan ($450 million) of revenue in 2018, the lawyer disclosed.
The lawyer talked about the corporate’s funds with regard to the previous staff’ lawsuit which claimed that Bitmain owed them a 13th-month wage and a 2019 bonus. The previous staffers now demanded a fee starting from $1,500 to $20,000.
Moreover, the previous staff claimed that Bitmain generated $300 million in income earlier this 12 months, which allowed them to offer particular bonuses of as much as 70,000 yuan ($11,000) to every worker in Might. Nevertheless, the lawyer asserted that attributable to Bitmain’s monetary efficiency from 2018 to 2019, the agency didn’t difficulty 13th-month funds and bonuses for all staff in 2019.
With regard to the particular bonus, the lawyer stated it was primarily based on the 2020 efficiency and was not linked to that of 2019’s.