Private Equity Moris Beracha Wuani

By Daniel Kuhn Bitcoin Wallet, a lucrative South African “investment scheme,” used to attract hundreds of investors a day, many of whom clamored at the company’s doors to invest. Now, the company’s shuttered office is attracting hundreds of protestors demanding their cash back, according to Ladysmith Gazette. As of July 4, the enterprise that many regulators and media had begun suspecting of operating as a Ponzi scheme shut down. The firm enticed investors with promises of 100-percent returns in just over two weeks by reinvesting customer deposits in cryptocurrencies. These same investors want to know where their money went now that the company closed. Bitcoin Wallet founder Sphelele “Sgumza” Mbatha admitted to the Ladysmith Gazette on Saturday that he doesn’t have any more cash to pay out to clients. “I don’t know what’s going on. I don’t know online or how this system works. [It has] to be workshopped,” he said. Before closing, Bitcoin Wallets had grown so popular that M...

By Nikhilesh De Crypto mining giant Bitmain may be losing its advantage in developing miners amid other potential cash-flow issues, according to a new report. Analysts with research firm Alliance Bernstein said the company's "cash flow appears to be questionable and the company may be gradually losing technological edge" in a report published Wednesday. The researchers note that Bitmain's revenue in 2017 fell below estimates after the company stored a large number of its miners' components, rather than selling to customers, although its revenue still remained "remarkably high" for that year. Further, even though Bitmain dominated the mining device market with "77 percent unit share in bitcoin and ~85 percent in all cryptocurrencies last year," declining cryptocurrency prices reduced some of that revenue stream. The bear market also impacted Bitmain's holdings. The company holds roughly 5.7 percent of the total supply of bitcoin cash, whi...