Cryptocurrencies
Bitmain Rival’s Founder Arrested as War of Crypto Miners Heats up
- Ex-Bitmain chip designer has rapidly built up a serious rival
- Selling mining rigs is a lucrative and litigious business
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A Chinese chip designer who helped Bitmain Technologies Ltd. become the world’s largest maker of Bitcoin mining rigs before starting his own company has been arrested, according to three people familiar with the matter.
Yang Zuoxing, a tech mastermind with Bitmain until June 2016, was detained by police in Shenzhen at the end of October in relation to a legal dispute with his former employer, said the people, who asked not to be identified discussing legal matters.