"A private Chinese company is giving preferential access to its technology and providing unusually beneficial payment terms on hundreds of millions of dollars worth of specialized equipment to a firm partially owned by Eric Trump, according to industry sources and Securities and Exchange Commission records. The company, Bitmain, has faced concerns over the potential national security risks of its technology, with one Republican congressman asking the treasury department to review some of its business dealings in the United States."
"Filings by American Bitcoin with the Securities and Exchange Commission show that the company is purchasing more than 16000 advanced mining machines servers that process complex math problems to earn Bitcoin from Bitmain. The SEC filings indicate that American Bitcoin is paying Bitmain in pledged bitcoin rather than cash which could be redeemed up to two years from now, at a current price."
Bitmain provided preferential access to technology and unusually favorable payment arrangements to American Bitcoin Corporation, in which Eric Trump holds a 7.5% stake. American Bitcoin was founded in March, two months after President Trump's inauguration, and went public after a series of mergers under majority owner Hut 8 on 3 September on the Nasdaq. SEC filings show American Bitcoin is purchasing over 16,000 advanced mining machines from Bitmain and is paying with pledged bitcoin redeemable up to two years later at a current price. Industry sources say Bitmain offered little money down and extended redemption periods for collateral. Bitmain has faced national security concerns and a Republican congressman asked the treasury department to review some U.S. dealings. The Trump-affiliated company's stock delivered significant profits after going public.
Read at www.theguardian.com
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