Topic: THE AMHASH INCIDENT IN CHRONOLOGICAL ORDER, IN SUMMARY... (Read 9103 times)

UNITED AMHASH VICTIMS PUBLIC ANNOUNCEMENT:

We, the investors and fraud victims of AMHash, do not accept AMHash Liquidation Contract as a full and final settlement of AMHash liabilities. We also do not transfer our rights to pursue the claim to any third party. We reserve our rights to instigate any proceedings necessary at any jurisdiction to recover our losses against AMHash, Asicminer, Rockminer, Havelock, any of the directors and non disclosed  parties.


Most investors converted their Amhash1 shares to the AMHash Liquidation contract, and got their last dividends paid today (April 28, 2015).
We are happy that the investors got some of their investments back.
But won't be satisfied and fall for such bribing attempt of AsicMiner (Bitquan).

We have contacted Bitquan at the end of March, 2015, via their email addresses to inform them about our legal pursuit and
gave them a last opportunity to come out with a more acceptable solution, and we got no reply from them ever since.

For us it is time to resume our legal pursuit now.

We will patiently do our best to bring Bitquan to justice and get the rest of your losses paid back in full.
We'll announce about concrete improvements on the case here, or start a new tread if this tread gets locked.

If you're interested in getting your money back please save all  the information that might "proof" your relation with Amhash, AmhashLC etc. in case the legal struggle succeeds.

Please message me if you can provide any helpful information about FriedCat, Fan Dawei (David Fan), Bitquan.

Am I the only one who keeps reading the title as the "AMISH INCIDENT IN CHRONOLOGICAL ORDER" and thinking "WTH are the Amish doing with bitcoin miners?"

Interesting. Watching this thread.!

Is there anyone not taking that AmhashLC for some reason? Seems too risky not to take I guess...

[UNITED AMHASH VICTIMS - PUBLIC ANNOUNCEMENT]

Amhash investors are having a hard time the last months due to the so called "unforeseen events".

Lets get over and recall the claimed events:
December 25, 2014 : AsicMiner lost control of 3.5 PH of the total 5 PH Amhash mining facility
January 26, 2015 : Last activity date of FriedCat on the Bitcointalk forum. The disappearance of FriedCat should have happened after this date.
February 08, 2015 : After 45 days from the facility loss, and 13 days after FriedCats last post on Bitcointalk.
Amhash announces the delay of payments using the spring festival as excuse to gain more time to keep these two incidents secret from the investors.
February 18, 2015 : Suspicious Havelock outage for 14 days until March 4, 2015 which created a big panic.
March 02, 2015 : Aftar 67 days from the facility loss and 35 days after FriedCats last post on Bitcointalk.
Amhash finally admits that the 3.5 PH of the mining facility has been lost and the  disappearance  of FriedCat has surfaced.
The next day Rock Xie mentions that the solution depends on FriedCat's return in his blog.

There's no proof whether the claimed events actually happened, the communication was and still is at unacceptable unprofessional levels, no detailed, convincing and timely information has been disclosed so far.

Worse than that, responsible parties, acted lightly, have not been honest, and detained the investors by hiding information and fabricating excuses for over two months.

It's hard to know whether or how true these stories are, as the related parties has proven their capability to act in shady ways.

If we assume the provided claims to be true:
AsicMiner is mainly responsible for the incident, and the compensation of the loss of the damaged parties. Because of putting almost all the control of the business and the funds in the hands of a single person called FriedCat, and losing control of the mining facility, by jeopardizing the investment, without having any insurance, or security measures for the protection of the investment.

It's AsicMiners problem to pursue and sue FriedCat and other responsible parties, or not.



THE SETTLEMENT OFFER

At March 25, 2015 AsicMiner has made a settlement offer through Havelock:
This settlement is clearly AsicMiners attempt to exploit the despair of hopeless investors, to get rid of all legal and financial responsibilities, by bribing a small portion of what has been taken and claimed to be lost, and asking them to waive all their current and future rights on Amhash shares swapped for AmhashLC.

Amhash investors, has neither a fault, nor any authority and responsibility for the so called "unforeseen events". Amhash investors can't be held responsible for these events mentioned herein above. Yet the investors are expected to pay for the mistakes of AsicMiner and their lightly handling of their business.

AsicMiner is responsible of the loss of investor capital (Last market price: 0.00091498 BTC/Amhash Share) and all unpaid past and future mining dividends. Even the sum of the unpaid dividends   (Since February 10th, 2015) has passed the proposed 0.0003 BTC/Share settlement offer. This incident has also caused additional financial, psychological and social problems for some of the investors which depended on the dividend payments.

We have been detained for over three months now and it is clear that AsicMiner has minimal or no will for a fair settlement. We trust in the Chinese authorities that they will deliver justice and reveal the true story about what really happened. Therefore we have decided to initiate the litigate process, and the informing process of the Chinese authorities from all available channels, about the potential fraud and illegal fund raising activities of AsicMiner for the Amhash mining project and the AsicMiner shares.

Again I hate to repeat myself but just to clarify, NOTHING ABSOLUTELY NOTHING is the action the Chinese government will take. Ok maybe that's not entirely true if you look long and hard enough I am sure some official will accept a bribe with a promise to look into the events, and then do nothing.

Have you ever been to China? Have you a clue how long the rope your pissing up is? Microsoft, Apple, Dell, Intel all companies who tried and failed to make legitimate claims against intellectual property theft by Chinese firms. The amounts in question were BILLIONS!!!!!!!!!!!! Yeah they are gonna get right on that 15BTC recovery for you. Christ you're an idiot.

They will defend themselves in court by that ''Settlement offer'' and I guess the outcome highly depends on Chinese laws and the approach they have for such cases... It would not end well for them in EU, but.. there... who knows..

We are 4 shareholders and we are not going to accept this joke! We started the diplomatic correspondence with Chinese Embassy and we will put those scammers in jail, where they belong!

A bird in the hand and all that. It is most likely a sign as soon as there dump the liabilities "us" they will close up shop.

How many of you are going to accept this 0.3 BTC per THs deal? Is there really any other option?

Ohai newfriend!  Welcome to internet!  I'm totally new here myself, so let's be new and surf this information superhighway together!

What are you talking about, there is not a word about any future dividends or refunds. Where did you get it from, please provide a link.


...documented on their site... lol... ...

That remains to be seen... however, my Russian clock keeps ticking....

It looks like AMHash is going to make good on their hashing contracts.  It's documented on their site.  People are to quick to yell SCAM with no evidence.  After what they did in the Hashie mess and what they are trying to do now just shows they are a business trying to do right by their customers.  They are not going to pay on dividends from Feb 9 to Mar 9 but are ongoing.  I hope they succeed, but they are behaving like an honorable business.

Now that you mention it, GAW really shares similarities with AM. They could be a low effort copy of what AM did. Maybe even they inspired eachother.

Completely agree with that AM might not be the scam all the way, but AMHash was definitely it.. They did some things right that tricked a lot of people into thinking they were legit, the most funny part is that there are still some people who, it seems, genuinely believe their shit exit story  reminds me of those fanboys on hashtalk...

This is more of a scammy market exit rather than a long scam. AM has been working fine for a decent amount of time. But it's not surprising that a bitcoin venture scammed people somewhere along the way.

oh boy.

nice break down! thanks

Interesting. Watching this thread.

Reserved.

Reserved

INFORMATION ON RELATED PEOPLE AND COMPANIES:

ASICMINER:
Official company name: 比特泉科技有限公司  / Shenzhen Bit Quan Information Technology Co., Ltd.
Established in June 2012.
Registration number: 1952938
Conpany type: Private
Registered Address: Nanshan District, Shenzhen Hing Road East Rd Beijing light Seaview Garden Building A 3-320
Company Address: Nanshan District, Shenzhen Nanshan Hyde three deep North Gate
Total registered capital: 500 million CNY
Legal representative: Fan Dawei (David Fan)
Founder : Xinyu Jiang (FriedCat)
Contact: Liu Jie
Phone: 18311075616
Emails: help[at]bitquan.com - sale[at]bitquan.com

ILLEGAL FUND RASING:
August 2012, FriedCat announced the launch of IPO for ASICMINER Corporation (Cat roast).
The IPO issued a total of 400K shares, at an issue price of 0.1 BTC per share.
Currently ASICMINER shareholders holds 163,962 shares, while Bitfountain shareholders holds 236,038 shares.
This IPO is considerably a legal risk and very likely illegal, due to strict capital control in China.





David Fan: 范大威 / Fan Dawei （Co founder of ASICMINER):
- Under Construction -







FriedCat:
Real name of friedcat in Chinese : 蒋信予  (Xinyu Jiang)

He's PhD of the University of Science and Technology of China,
Department of Computer Science and Technology
http://en.cs.ustc.edu.cn







Rock Xie:
His real nameis 'Xie Jian' (谢坚) born 9/29/1983 from Hunan Zhuzhou Liling
last known work place is 'Liling Huayi Electronics Technology Co., Ltd.', Liling
last known contact number: +86-0733-3259123, +96-0733-3256123, +15115304800

From Whois Query:
Name: jian xie
Organization: rockxie
Street: liling lisan road 195
City: chang sha shi
State/Province: hu nan
Postal Code: 20000
Country: CN
Phone: +86.18657367786

2ND PART - IT DIDN'T FIT ON A SINGLE POST


* Jutarul sharing the answers he got for the questions pm'ed to him

DATE: March 14, 2015, 05:30:00 PM
USER: Jutarul (https://bitcointalksearch.org/user/jutarul-44764)
LINK: https://bitcointalksearch.org/topic/m.10772603

Q) I think a price "explosion" is imminent,  not to ATH territory,  but $400 or so is definitely in the cards.
A) 400 will likely not be enough. A reasonable risk/reward ratio starts at > 1000 USD.

Q) What kind of dollars are we talking would be required from such an investor?  
A) > $10M for a packaged deal to make sense.

Q) Does AM have possession of the IP related to BE300?
A) Yes. AM management also has a direct account with TSMC.

Q) You say the funding situation is Dire,  is this due to FC being in sole possession of the keys?
A) The funding situation is very opaque. David Fan cannot provide information on current accounting. He is currently paying bills from some of the remaining company funds, surplus cash flow and personal funds. The accounting was managed by friedcat, and the last financial statement was delivered 4 months late and incomplete. He was asked to make it complete, clean it up and publish it - which never happened. Given the current circumstance I may as well show the incomplete statement, which covers the time May/2014-Oct/2014:

https://mega.co.nz/#!YUtUwa4K!o9VTJYkv0-eO0V6UU3vPwXZshItuBwq-z146p0pBH6E

Q) Do you think FC is safe?
A) I have insufficient information for such a conjecture. I certainly hope he is safe.

Q) Is there a plan yet to compensate shareholders for Amhash1 shares held on Havelock?
A) On the side of AM any compensation would likely have to be financed either through operating revenue (which currently is going to 0 due to bitcoin price staying low and required funding to restock chip inventory) or the personal funds of volunteering shareholders. Unfortunately the morale among shareholders is rock bottom so everyone is looking at David Fan, especially since he also has an official company function. The question which is not so easy to answer is whether there would be a moral or legal obligation for such "volunteering". That said, he expressed his desire to develop a compensation plan for contract holders, conditional on the premise that everybody in the delivery chain carries a fair share.

Q) Hi, I don't get it, David should be as rich as FC! Why doesn't he invest into his company? Or rent coins to AM?
A) Why invest in a company which is loaded with liability when you don't feel responsible for the current situation? Also, wouldn't it be smarter to use the funds to restock the company with the latest chips in order to generate a profit from which these liabilities can be served? At the end this is a structural problem, that's why a reorganization of the company may be unavoidable.

Q) In the situation where the BTC price rises and free's up additional capital or VC money comes in to support the production of BE300, could shareholders reasonably expect to see some type of return later this year?
A) I cannot give investment advise. There are two types of returns. Revenue through increased market price and dividends. It would be very unlikely to see a company in the current state paying any dividends in the immediate future. Funds are better used to solve structural problems. The only exception to this would be a liquidation event of an unknown amount.

Q) Is the only other option the company goes under due to lack of funds and the legal process begins for those who wish to pursue it?
A) Provided that the core team stays intact and true to the mission the company would likely co-exist with bigger corps in the market place. How that would be structured is unknown. Any legal proceedings would of course hamper the ability of the company to operate, unless the situation is very asymmetric (i.e. legal defense costs are dramatically lower than legal offense costs).

Q) Anything else you can share with me would be appreciated. I would like your candid thoughts on the likelihood of VC coming in to play the role of white knight in the next 30-60 days window BE300 competitively has to get out to market. The other scenario is bound to happen, however we do not know if the price rise will take place in time for the chip to be profitable to product en masse.
A) The only way to make this work with an outside investor within 30-60 days is to do a clear cut reorg with a new Manager who has some experience in the industry.

Q) Why did ASICMiner wait weeks to provide concrete answers on the situation?
A) The board was officially fully informed of the "FC missing" problem at the end of February. Since then there has been a struggle for information, especially since FC apparently made himself a single point of failure on all kind of things. It was always assumed that David Fan was fully briefed on all aspects of the business - however that seems to be not the case.

Q) Are customers/investors threatening legal action at this time?
A) Yes.

Q) Is there a dispute between ROCKMINER and ASICMINER, and if so, can you share what is happening?
A) There is a dispute. The problem is that the underlying agreement is cluttered throughout write-ups, emails and verbal hearsay. And now FC is missing and cannot make a statement.

Q) Is ASICMiner solvent? Has ASICMiner taken steps to secure additional funding for core projects, chip development, etc.?
A) AM management seems to have failed to secure funding for core activities and the funding situation seems to have degenerated dramatically since Nov/2014. The problem is that there are no proper records to validate those claims quickly. An accountant would have to do a complete transactional rerun, using one of the valid financial statements as a checkpoint. According to David Fan the company bank accounts are low on funds and any remaining company funds may reside in accounts only FC has access to.

Q) What's next for ASICMiner?
A) There is increasing evidence that AM seems to be a one trick pony. I have no other way of putting it. As such, provided the bitcoin price rises, you can expect bitcoin mining devices to be produced which - should the profit margin be sustainable - should create shareholders value.

Q) With regards to the AM situation, could you elaborate on the what HashLord is and the role it played in AMHash?
A) I am sorry for the potential confusion. Hashlord was coined in reference to Landlord as the entity who is in control of the hashing power. At the current time it is not clear WHO that entity really was (Operator/AM/RM/FC/Third party). Obviously the operator can alway become the Hashlord by replugging the mining devices. That may have been the case - but there is no data to confirm that.

I hope I covered all the questions. If I missed one please state it again.

Regards

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* Someone called Tommy on weibo claims that FriedCat went to Thailand

DATE: March 16, 2015
LINK: http://www.weibo.com/2242645650/C8NXWuSw1?type=comment#_loginLayer_1426486804949

Confirmed by reliable sources, grilled cat February 16 has gone to Thailand, no immigration records!

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* Cloh76 posts about Havelocks email which informs about the delisting Amhash fund from public to private.

DATE: March 16, 2015, 06:08:10 PM
USER: Cloh76 (https://bitcointalksearch.org/user/cloh76-245192)
LINK: https://bitcointalksearch.org/topic/m.10792907

might be a little off topic, but just got an email from Havelock

Delisting Of the AMHASH FUND

On Tuesday March 17th, 2015 the AMHASH Fund will be delisted and transferred to Private from Public. The AMHASH team will still maintain a copy of all unit holders.

In the event that new information is available in regards to any of the mining equipment or bitcoins owed to AMHASH the unitholders will be notified.

The AMHASH Management Team

Hmmm is there any good alternative to invest in on Havelock?

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*Jutarul shares another post regarding Amhash

DATE: March 18, 2015, 07:02:44 PM
USER: Jutarul (https://bitcointalksearch.org/user/jutarul-44764)
LINK: https://bitcointalksearch.org/topic/m.10815053

A quick update re:AMHash

There is a good chance that contract holders will get a significant portion of their principal back. The details are currently being worked out. Please understand that there is currently a lot of blame shifting going on, but AM management shows an active interest in breaking the gridlock in order to be able to concentrate on getting the business back on track.

Right now I'd like to provide the following clues
a) You will not get 100% on the principal amount. While this may hurt AMHash buyers, please note that AM is certainly not making a profit from this failed product in any way.
b) If you consider litigation or are in talks with a lawyer, you may want to wait this one out. Chances are that after taking into account the cost of litigation or lawyer fees you end up with less %. Also the contractual situation is very complex - you may end up suing the wrong company.
c) You may have to prove your contract. Please make sure that you got proper documentation ready. However, if you hold a contract through one of the platforms, there may be a consolidated method which doesn't require proof.
d) If AM recovers from this crisis, there may be more coming down the pipeline for affected people in form of discounts.

I'd like to remind everyone that I am not a company representative, which means I cannot warrant for the correctness of the information provided. Unfortunately the company cannot announce anything until the details have been worked out. Act accordingly.

Also, if you'd be so nice and cross post this to inform AMHash holders - I don't have a map for where AMHash was marketed.

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* Jutarul answering some following posts

DATE: March 18, 2015, 08:10:07 PM
USER: Jutarul (https://bitcointalksearch.org/user/jutarul-44764)
LINK: https://bitcointalksearch.org/topic/m.10815705

Quote from: Jutarul on Today at 07:02:44 PM
please note that AM is certainly not making a profit from this failed product in any way.

Quote from: elasticband on Today at 07:35:21 PM
Well someone is.

The only person who could make a clear statement on that would be FC who conveniently vanished into thin air. On that note I will disclose that there has been a board meeting on the 17-JAN-2015 and 25-JAN-2015 and on neither dates FC mentioned that there may be a problem with the mining farm running AMHash. He was even discussing the strategic consideration surrounding a TO of the BE300, for which he failed to find financing. He was asked to compile a joint venture proposal to move the project further. That never happened.

It's very frustrating to see how the people who worked closest with FC seemingly have the least amount of information on his whereabouts. That alone reminds me of the dog who didn't bark.

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* Amhash announcement at Ahmhash.com, about dividends being deducted from Feb 9 to March 9, 2015. Also asking for account registration on Havelock.

DATE: March 22, 2015

Update:
Dividends deduct
We will deduct the dividends(0.11973BTC/GHS) from 9th Feb - 9th Mar(20150208-20150309) as we have not received the dividends from ASICMiner since 8th Feb

Account register
if you don't have havelock account,please register at https://www.havelockinvestments.com/


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* Havelock announces the previously rumored solution on their website and the Amhash thread

DATE: March 25, 2015, 06:53:31 PM
USER: Havelock (https://bitcointalksearch.org/user/havelock-64492)
LINK: https://bitcointalksearch.org/topic/m.10885321

Dear AMHash Contract Holders,

ASICMINER has prepared a contract offering on HaveLock with the ticker symbol AMHashLC. AMHashLC is a contract to offer final settlement for current holders of contracts AMHash. AMHash is a bitcoin mining contract, which is currently not performing due to unforeseen events. AMHash is a complex product which was provided through the collaboration of 4 different parties ( Operator(confidential), ASICMINER, ROCKMINER, Havelock). Each party provided certain guarantees and made certain representations. The continuation of the AMHash contract is currently uncertain due to structural problems in some of the participating companies. Furthermore, it is not clear how the resulting liability should map to the contractual framework and would need to be discovered through formal proceedings.

With AMHashLC, AMHash contract holders will now have an option to accept a default on their contract and transfer any rights for claimed damages arising out of the non-performance of AMHash to the issuer of AMHashLC. The issuer of AMHashLC is ASICMINER. Please note that this offer is not an assumption of liability. It is a proactive offering to allow people to discharge of their AMHash contracts. Please study the specific details for the AMHashLC offering before you make a decision.

HOW TO SWAP YOUR AMHASH UNITS TO AMHASHLC UNITS:

Log into your Havelock Account and click on the xfr button to issue the units back to the issuer. By sending AMHash units back to the issuer your account will receive an equivalent amount of AMHashLC units in return. There is a potential time delay due to this process having to be performed manually.


For AMHash contract holders who have no account with HL: Please contact ROCKMINER for further instructions on how to migrate the contracts to Havelock. We expect ROCKMINER to make a corresponding announcement which contains the necessary details on migration procedures.

Yours truly,
ASICMINER management

AMHashLC offering:
==================

AMHashLC is a liquidated amount contract in exchange for damages and liabilities arising out of contracts AMHash. It can only be obtained by contract holders of AMHash via a swap of AMHash for AMHashLC contracts at a 1:1 ratio. AMHashLC is not tradable otherwise.

Carefully read the terms and conditions before executing the swap.

Introduction
============

AMHashLC is a contract to offer final settlement for current holders of contracts AMHash. AMHash is a bitcoin mining contract, which is currently not performing due to unforeseen events. AMHash is a complex product which was provided through the collaboration of 4 different parties ( Operator(confidential), ASICMINER, ROCKMINER, Havelock). Each party provided certain guarantees and made certain representations. The continuation of the AMHash contract is currently uncertain due to structural problems in some of the participating companies. Furthermore, it is not clear how the resulting liability should map to the contractual framework and would need to be discovered through formal proceedings.

With AMHashLC, AMHash contract holders will now have an option to accept a default on their contract and transfer any rights for claimed damages arising out of the non-performance of AMHash to the issuer of AMHashLC.

The issuer of AMHashLC is ASICMINER.

AMHashLC terms
==============

1) DEFINITION: Each AMHashLC unit represents a total of 0.0003 BTC (0.3 mBTC) payable to the holder of the contract.
2) ACQUISITION AND IRREVERSIBILITY: AMHashLC can be obtained by holders of AMHash contracts only. Each unit of AMHash can be exchanged for one unit of AMHashLC. The exchange is irreversible.
3) COMPLETE AND FINAL TRANSFER: By executing the swap of AMHash for AMHashLC, the owner transfers all prior, existing and future rights and privileges arising out of holding the AMHash contract to the issuer of AMHashLC.
4) NO RECOURSE: By executing the swap of AMHash for AMHashLC, the owner relinquishes the right for any direct or indirect claims arising out of holding the AMHash contract against any party involved in the creation, performance or sale of the contract AMHash.
4) NOT TRANSFERABLE: AMHashLC shall not be traded.
5) GUARANTEED FUNDING: Sufficient funding for all AMHashLC contracts is provided prior to the offering and is secured in BTC address 1FU3uhBR4bKTavbeiJXdHHs13W5bRjM7DA.
6) SCHEDULE: The swap will be offered until April/20/2015. After April/20/2015 the swap offering will be closed and no further swaps will be possible. The total payment to units of AMHashLC will be split into 5 equal installments paid on a weekly schedule. The first payment will be provided after April/20/2015 and prior to April/24/2015 and the combined total will be paid out before May/29/2015.
7) FURTHER OFFERINGS: We reserve the right to do additional rounds of AMHashLC offerings with the same conditions after May/29/2015, should it be deemed necessary.

Q&A
===

Q) Why should you choose to swap your AMHash for an AMHashLC contract?
A) Piece of mind and closure. You're exchanging an uncertain and difficult to enforce contract for a fully funded and scheduled payment plan.

Q) Do I have to perform the swap?
A) No - you do not have to. You have 3 choices: a) Wait for the parties to fix the product and start performing on it again b) Look into litigation or alternative enforcement options c) accept the swap

Q) Is this a scam?
A) No. It's a non-performing contract due to unforeseen events. The issuer of AMHashLC will look into the legal enforcement options against what they consider the responsible parties. By offering AMHashLC as a swap, the issuer of AMHashLC will hold the corresponding contract rights.

Q) I am not satisfied with the amount I get back on the contract.
A) The amount is chosen from practical considerations. The issuing party is currently heavily undercapitalized, the contractual situation and enforcement is difficult and the prospect for recovery of damages is limited if not to say nil. Your lawyer will likely confirm that the offer is in fact attractive.

Q) Who failed and who was responsible for AMHash?
A) The answer to that question is not easy. An important key person is missing and cannot make any statement. The only thing which is clear by now is that basic risk coverage was not considered, which makes all liabilities arising out of any of the contracts effectively unsecured claims.


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THE SUMMARY OF THE WHOLE STORY

Join this chat room to organize and discuss : https://kiwiirc.com/client/irc.dal.net/#amhash


* Amhas postponing dividend payments during the spring festival unexpectedly.

DATE : February 08, 2015, 07:10:59 AM
USER: Amhash (https://bitcointalksearch.org/user/amhash-388726)
LINK: https://bitcointalksearch.org/topic/m.10392962

Dear Customers,

We will pause the transaction and dividends of AMHash from 10th February  to 28th February on havelock for The Spring Festival Holiday coming.And we will restart all those things in the beginning of March.

AMHash Team

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* After people on the forum speculated about Amhash share trade would be suspended on Havelock during the spring festival.

DATE: February 09, 2015, 01:08:05 AM
USER: Havelock (https://bitcointalksearch.org/user/havelock-64492)
LINK: https://bitcointalksearch.org/topic/m.10400335

Havelock is NOT suspending operations of our website.
The AMHASH1 fund has issued a statement that relates to a holiday break in China.
As we get more information we will make it available through the update section of AMASHA1 ON Havelockinvestments.com

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* After erroneous last Amhash dividend payment at Havelock happened.

DATE: February 10, 2015, 08:32:37 PM
USER: Havelock (https://bitcointalksearch.org/user/havelock-64492)
LINK: https://bitcointalksearch.org/topic/m.10419619

The Dividends paid today was entered with one too many zeros.
The remainder will be paid shortly.

2015-02-10    2015-02-10    0.00000449
2015-02-10    2015-02-10    0.00000050

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* The beginning of the very long Havelock outtage.

DATE: February 18, 2015, 12:34:30 AM
USER: Galdur (https://bitcointalksearch.org/user/galdur-359152)
LINK: https://bitcointalksearch.org/topic/m.10495755

Another freakin Havelock outage. I´m beginning to get a little tired of this.

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* Someone expresses suspicion about Amhash hashrate declining for the first time.

DATE: February 19, 2015, 06:40:42 PM
USER: btcminer021 (https://bitcointalksearch.org/user/btcminer021-93309)
LINK: https://bitcointalksearch.org/topic/m.10514638

Why's the hash rate been declining? I thought it was constant? From Nov to Dec it went from 5000TH/s to about 2500TH/s. No updated stats for 2015?

"AMHash1 is a mining Fund which has 5 Peta-hash per second or (5,000,000 Giga-hashes per second) in total."

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* Havelock starts a separate thread about their long outtage.

DATE: February 20, 2015, 08:16:47 PM
USER: Havelock (https://bitcointalksearch.org/user/havelock-64492)
LINK: https://bitcointalksearch.org/topic/m.10533583

We are updating the site at the moment and maintenance will take longer than expected.

DATE: February 20, 2015, 08:16:47 PM
We will let you know before the site will be back on.
Thank you,
The Havelock Team

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* Havelock clearing some doubts.

DATE: February 23, 2015, 04:31:46 PM
USER: Havelock (https://bitcointalksearch.org/user/havelock-64492)
LINK: https://bitcointalksearch.org/topic/m.10556451

Deposits are fine, wallet is fine, database is fine.  We are still running some tests to make sure the front end and back end are not causing any glitches.

Better be safe than sorry.

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* NotLambchop points out that FriedCat has not been active since January 26, 2015

DATE: February 26, 2015, 02:22:36 PM
USER: NotLambchop(https://bitcointalksearch.org/user/notlambchop-263109)
LINK: https://bitcointalksearch.org/topic/m.10589230

^He might not hear you Sad
(Image showing FriedCat's activity summary)

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* Amhash announces the continuation of payment delays after spring festival.

DATE: February 28, 2015, 01:52:52 PM
USER: Amhash (https://bitcointalksearch.org/user/amhash-388726)
LINK: https://bitcointalksearch.org/topic/m.10610885

The Announcement of AMHash Dividends Suspending

Dear customers,
We are very sorry to inform you that we have to continue to delay AMHash’s dividends,as we haven't received the payment from ASICMINER since 8th Feb,we are trying to communication with ASICMINER for this issue :

1. Dividends will be restarted in 24 hours as soon as ASICMINER sending us BTCs.
2. Dividends will be paid from 8th Feb and all missing dividends will be included if we get the payment.
3. Trading of AMHash1 on HAVELOCK will also be suspended until the dividends restart.
4. Any third-party platform collapse will be handled in the same way as hashie.co, AMHash will complete the hashrates transferring and subsequent dividends.

We are still in active communication with ASICMINER, please be patient,and we will update in time if we get any new information.

AMHash Team

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* Havelock comes back without trading function, trading becomes available after 2 other days (March 04, 2015)

DATE: March 02, 2015, 09:17:15 PM
USER: vk3ukf (https://bitcointalksearch.org/user/vk3ukf-209795)
LINK: https://bitcointalksearch.org/topic/m.10635068

EDIT: I just brought up the havelock page again and this time I CAN see the normal havelock website page.
Trying to login now, WOW, HAVELOCK ARE BACK, I JUST LOGGED IN A.O.K.

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* Amhash announces the "missing" hashpower after 2 months has passed.

DATE: March 02, 2015, 03:30:41 PM
USER: Amhash (https://bitcointalksearch.org/user/amhash-388726)
LINK: https://bitcointalksearch.org/topic/m.10631414

update

The 3.546PH AMHash's hashrates have disappeared since 25th Dec 2014. We found this problem two days later,we asked friedcat,he said it was mining farm's maintenance issues,hashrates would come back soon.But one week later,hashrates didn't come back yet.When we asked FC again, we were told that all mining devices were robbed by the partner of the mining farm.And all hashrates were out of control. After then, FC told us that hashrates from new mining farms will be deployed, but we didn't know the amount at that time.Right now, we still don't receive any update from those new hashrates.

AMHash Team

(PS: The disappearance date of the haspower is the same date Hashie took off)

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* Someone claims that that the miners were seized by the chinese government.

DATE: March 02, 2015, 11:50:46 PM
USER: juiced (https://bitcointalksearch.org/user/juiced-89506)
LINK: https://bitcointalksearch.org/topic/m.10636588

It is not stolen, Chinese authorities took it.

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* Rock Xie writes his first blog post on weibo (Chinese), talking about the incident, FC being missing and that the Amhash revival depends on his return.

DATE: March 03, 2015, 17:24
USER: Rock Xie (https://bitcointalksearch.org/user/rockxie-60803)
LINK: http://www.weibo.com/p/1001603816360214946715

Translation by byt411 (https://bitcointalksearch.org/user/byt411-87671)
I have translated this in the best way possible, so that it is more understandable.

Title: Too many people have asked, so here is a general response.

AMHash is a joint project between AsicMiner and RockMiner. Rockminer is the seller for AMHash, so we are responsible to sell the hashrate, and develop the platform, collect the earnings and send out dividends, and resolve customer queries. This is because Rockminer no longer had any ASICS, and and we could only provide technical support and provide reselling services. Coincidentally, friedcat wanted to sell the hashrate, and so we cooperated and we started this project, AMHash.

About the current situation of AMHash, the best way to resolve this would be to wait for friedcat to appear and resolve this. Trying to recuperate funds via law enforcement will be of little to no use, since if we could have done anything, we would've. Now, the key is to find friedcat and have him put up the dividends, and any unrealistic/extreme acts will serve no purpose.

We didn't announce that there were problems in the datacentres for a reason. We were still negotiating with the datacentres/mines, and ASICS being mass produced (< not very sure about this part). Friedcat said that there would be more hashrate deployed in Inner Mongolia and in Hening (和宁), so 3.x Petahashes would be deployed and could fix the current problems. This meant that, friedcat said, there would be no problems as the earnings could be covered and the dividends paid out, and releasing the news would just cause unnecessary panic.

Many people were panicking, asking if AsicMiner had run for it, and asking if the mining farms/datacentres had been shut down. How are we going to run for it?

AMHash is not a lot of money to AsicMiner, and after our calculations, we only earn around 2500BTC. Who would run for this? If we wanted to run for it, we would've done so a lot earlier, and we wouldn't wait until now. Would we abandon our families? friedcat's family also reported this to the police, but we still can't find him. What we are worried about is his safety.

AsicMiner stopped some test mining farms/datacentres, since they were too costly to continue operating, and so, it is natural to shut them down.

The key point is, what happened to friedcat, even I don't know. My guess would be 60% personal issues, 40% work problems. We would only know when he comes back.

I am still talking to people from AsicMiner, including overseas shareholders. We are looking for a solution, please wait patiently.

Note: Some translations may be incorrect, such as we/I/they, since I did this in a rush and my Chinese isn't perfect, especially if I am reading Simplified Chinese.

---------------------------------------------------------------------------------------------


* Amhash denies ponzi claims of Airwolf

DATE: March 03, 2015, 03:11:35 PM
USER: Amhash (https://bitcointalksearch.org/user/amhash-388726)
LINK: https://bitcointalksearch.org/topic/m.10643266


Quote from AirWolf's post:
"So since Dec/25/2014 you have been a PONZI, and instead of halting and come out clean on Dec/26 you continued to paint the illusion of a reputable business and allowing trade and paying dividends unsupported by real hardware?

Ok, i have dealt with this before (MtGox and PBmining) and recovered ALL the money, you know how? By gathering the biggest investors and pooling with them a REWARD OF 300 BTC for the whereabouts of YOU, YOUR FAMILY AND FRIENDS and another 300 BTC to pay for the people that is going to PAY YOU AND THEM A VISIT.

You are not dealing here with the average guy that invests 0.1 BTC, i represent a group with almost 250.000 shares, value over 250 BTC, I represent the kind of people that it is VERY DANGEROUS to mess with in any part of the world.

So i will offer you an exit: Reimburse our shares for 250 BTC or i will start the process of hunting you and your relatives and friends. You have 24 hours, after that i will start the hunt and i will make it public, so not only you will have to pay the biggest ones, but almost every little guy that sums to the hunt. It is best for you to settle this now than settle it later, check my posts in this forum, I HAVE DONE THIS BEFORE.

Be smart, be like Mark Karpeles and Jason Boyko, they are still good and their relatives too because they acted smart, they kept this private and small and ended up losing less.

You have 24 hours."


Hi,

We understood all of your guys emotion, but we still need to wait FC's appearance, when he comes back, we will solve everything very easily.

1. The mining farm happened in Dec/25/2014 was not a PONZI like you said, AM did have hashrates before that day, and they were also hurt by the farm partner.When problem happened, AM were talking and finding some way to solve it and continue to pay divs daily, how can you say that PONZI? Any problem been solved need time, hope you understand.

2. We are finding some way to solve this. Firstly,we are not sure whether FC safe. Secondly,we are not just sitting here, we are trying to move on this, talking with

AM, and board members.

Thanks,
AMHash Team

---------------------------------------------------------------------------------------------

* Some user reports about FriedCat's whereabouts

DATE: March 04, 2015, 12:35:16 AM
USER: ATC (https://bitcointalksearch.org/user/atc-40713)
LINK: https://bitcointalksearch.org/topic/m.10649306

The latest news according to https://www.bikeji.com/t/1177#reply1
that FC is OK and Huai'an farm will release news soon.

*******

Messages on Bikeji translated by Kaizuki (https://bitcointalksearch.org/user/kaizuki-106677):

On the east side of said tertiary Contact Huai'an, grilled cat okay.

dong zhao:
the farm is professional eventually

lawrence sun:
the transaction with a lot of money is awful.i believe that it's not a scam but other matters unexpected

dong zhao:
i got contact with the Huai'an officer.

dong zhao:
he told me he knew what happened with fc.

dong zhao:
FC is OK and Huai'an farm will release news soon.

In the Comments Section:
Someone asks : Can you explain why the roast cat Shenzhen office (Nanshan Coast Building, East Block, 1317) has moved clear, nobody has to go to work?
Same Person says:
Another shareholder Fan Dawei (David Fan) phone (186xxxxxxx7) has been shut down!
Office move clear? What is the status? There is no work, there is office furniture it? Or completely emptied? When I used to go to work tomorrow and see.
Leaving only some of the debris and twenty-three empty table! No one at work, office supplies are gone?
Zhao and many insiders who know Huai'an, why not ask him how he knew the situation roast cat?
How do you know he was all right? Why has not come out six days a bulletin?

Anson Yellow: amhash showroom now is asicminer but rather people feel cheated

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* Someone reports that AsicMiner has moved their office in Shenzen

DATE: March 04, 2015, 05:21:38 AM
USER: BtcLtcNmc (https://bitcointalksearch.org/user/btcltcnmc-100618)
LINK: https://bitcointalksearch.org/topic/m.10651353

Just FYI. AM moved out from their ShenZhen office. I can see the inside through the glass door.
The office is empty, no one there. But it doesn't mean AM is a scammer, maybe they need a bigger
office after employing dozens of new staffs.

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* Havelock trade engine becomes active but Amhash shares are frozen.

DATE: March 04, 2015

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* An announcement from AsicMiner about FriedCat's loss, and that they are unaware about the deal between FC and RockXie.

DATE: March 05, 2015, 03:48:10 AM
USER: Phasebird (https://bitcointalksearch.org/user/phasebird-337449)
LINK: https://bitcointalksearch.org/topic/m.10663910

update :

1. We have lost contact with Friedcat more than 40 days, we are now still focusing on finding him.
2. A lot of evidences we have found shows that he is safe, which is the only good news recently. In addition, all rumour around the community are baseless and untrustworthy. We know so far nothing about where has he been and where is he at the moment.
3. We have to focus on finding him currently so there are indeed some delay on replying email of [email protected]. However, since we have all records of your emails so it is only a problem of time, please understand and be patient.
4. AMHASH project is not from sale team of ASICMINER, we know nothing about the deal between Friedcat and ROCKMINER, no one else has seen the contract between them either, therefore, we sale department of ASICMINER is not be in charge of AMHASH project, please be patient to wait till we find FC.

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* Havelock's late announce about Amhash trades being frozen.

DATE: March 05, 2015, 05:25:39 PM
USER: Havelock (https://bitcointalksearch.org/user/havelock-64492)
Link: https://bitcointalksearch.org/topic/m.10670667

Last Month the AMHASH1 Fund Managers has posted this updated:

"February 8th, 2015 - Announcement of The Spring Festival Holiday

Dear Customers,
We will pause the transaction and dividends of AMHash from 10th February to 28th February for The Spring Festival Holiday coming.And we will restart all those things in the beginning of March.

AMHash Team"

During the period when our site was down, we were informed at the same time that everyone else was informed through this very thread that the AMHASH team were not able to reach anyone at ASICMIner which operates the mining farm for the AMHASH mining operation.  At this time we have suspended trading on the AMHASH Fund until further information is provided to us.

We would like to remind everyone that the AMHASH operation is a joint venture between RockMiner and ASICMiner.

Thank you,
Havelock

---------------------------------------------------------------------------------------------------------

* A chinese investor BtcLtcNmc, says he heard about FriedCat's mom called the police to inform his missing.

DATE: March 07, 2015, 02:34:33 PM
USER: BtcLtcNmc (https://bitcointalksearch.org/user/btcltcnmc-100618)
LINK: https://bitcointalksearch.org/topic/m.10691081

I heard that FC's mother had already called police! I'm just an investor, I don't even know him personally, unless I claim that FC is a scammer and took my money but it's not the fact.

---------------------------------------------------------------------------------------------------------

* BtcLtcNmc, says thas some other chinese investors are thinking of informing the police together.

DATE: March 07, 2015, 02:53:37 PM
USER: BtcLtcNmc (https://bitcointalksearch.org/user/btcltcnmc-100618)
LINK: https://bitcointalksearch.org/topic/m.10691241

This is just second hand info, my source doesn't know her address or any other thing. I have no evidence to claim that he's a scammer, but I can tell you that some chinese investors are really talking about calling police together, I mean collective action.

----------------------------------------------------------------------------------------------------------

* BtcLtcNmc, tells that he got his information on the internet and that most chinese investors were not able to reach bitcointalk.org due to the Chinese firewall.

DATE: March 07, 2015, 03:05:43 PM
USER: BtcLtcNmc (https://bitcointalksearch.org/user/btcltcnmc-100618)
LINK: https://bitcointalksearch.org/topic/m.10691345

I don't know them.I've just known that from the internet. But most chinese can't speak english and they can't even reach this forum because of the "Great FireWall".

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* Someone reports that Rock Xie has shared their correspondence with FriedCat about Amhash.

DATE: March 07, 2015, 04:44:38 PM
USER: asun023 (https://bitcointalksearch.org/user/asun023-64038)
LINK: https://bitcointalksearch.org/topic/m.10692237

Breaking news, rock xie disclosed the details of amhash just a moment ago, click the following link of bikeji, getting the detailed information including the emails between rock xie and FC (rock xie apologize only Chinese version available in a hurry）.

https://www.bikeji.com/t/1228#reply1

Message translated by byt411 (https://bitcointalksearch.org/user/byt411-87671):
Translation of the first part:

About the details of AMHASH
It's already the 7th of March today, and friedcat has disappeared for 41 days. It is very surprising to me that there hasn't been a reasonable resolution to the problem.
A while before, I have talked about this with AsicMiner many times. If a company cannot function with one of their leaders missing, it means that the company is not in a good state. I noticed this some time ago, and I talked to them about it, but they kept insisting that they were fine, and they had Plan Bs and backup plans in place.

Nobody thought that it would actually happen. friedcat goes missing, and AsicMiner is basically nonfunctional. Worst of all, all other managers and leaders of the company know nothing, nothing about anything at all. They just didn't care about the operations of the company, and gave everything to friedcat to handle. The most unacceptable of all to me, is that they kept viewing the cooperation between AsicMiner and RockMiner a bad thing, and they refused to participate, and thought that I was a danger to the revenue of AsicMiner.

The truth is that that hurt me a lot. I met friedcat in 2012, I became his official distributor in 2013, selling AsicMiner products within the country. In 2014, we even formed a team, and I helped AsicMiner directly, helping them with certain things. Outside the company, I also contributed to maintain the image of AsicMiner and its reputation, because I have seen how it works, and I trust friedcat as a person. In the past year, there have been some minor and major problems in our cooperation, and many of the times was AsicMiner intentionally or not intentionally causing losses for RockMiner. I still told my team that AsicMiner doing things like that must have a reasoning behind it.

But this incident made me realize that the unique views of a person is useless. (Chinese phrase thingy) (Basically means: "Friendship and trust is useless in a cruel business world")

About AMHash, I reiterate the position of RockMiner in it; AMHash is a joint project between AsicMiner and RockMiner. AsicMiner is in charge of the hashpower, RockMiner is in charge of marketing, promotion, and the selling of the hashpower, and customer support. This is what we told the public, and this is the truth, and how the project works. Even a contract was made listing these details, but it was not officially signed, however, this does not mean that it isn't true. You should know, that even digital records count as contracts and promises these days.

Below, there is a large amount of email screenshots between friedcat of AsicMiner and rockxie of RockMiner. It basically outlines the way that dividends are distributed, mining addresses, and prices, and things like that. If there is any interest, I will translate them.

Tips are appreciated.
1Cb2JZxh2R8UxLCuQofdNFm4qnSkga2YyU



Part 2 of Email translations:

Email 1:

Hey Rock Xie,
The attachment is a draft.
There are some things that can be changed:
1. What is the total hashrate we will sell? 1PH/s-2PH/s is fine.
2. The data for the other parties needs to be updated. (< Unsure)
3. Any other questions that you guys need to ask, or that havelock needs to ask.

The price for us is 1.6BTC/Ths, and the extra 0.2/Ths is the difference.

Email 2:

Hey Rock Xie,
The changes have been made to the attachment. Please check if there are errors or contradictions. Thanks!

Email 3:

Hey Rock Xie,
After our internal meeting, we have come to the conclusion that our cooperation (RockMiner and AsicMiner) is very beneficial for the both of us. The cooperation of selling and cooperation of employees is the most tight form of cooperation, but it needs to be good. (Unsure of the previous sentence) We believe that if we commence this cooperation as soon as possible, it will the best, because we can keep the passion. We will do this in steps, so that we tighten our cooperation step by step, making sure that every step won't affect either of us gravely. (Still unsure about this sentence)

Cooperation 1 - Selling of hashrate

RockMiner is in charge of selling AMHash1. The price on launch will be 0.00125 BTC, (starting price) + 10rmb (daily maintenance fee). RockMiner will earn 10% as the selling commission, and 10% as maintenance commission. The commission will be calculated on a monthly basis.

Cooperation 2 - Employee Cooperation

AsicMiner invites RockMiner employees to contribute in the research and development and management of AsicMiner. AsicMiner will pay all wages, bonuses, and extras.

If AsicMiner has any intention of paying extra bonuses, AsicMiner will negotiate with RockMiner beforehand, or it will be paid by RockMiner.
Note in red: We had quite a few projects with AsicMiner back then. Other leaders of AsicMiner were asking why Rockminer was getting 10% commission, saying that it was unreasonable, but we did not decide on this randomly, it was friedcat's decision. The truth is that, selling 1 share of hashpower was already 5-10% of profit, and RockMiner as the seller of the hashpower, did not have a simple job. It wasn't simply to sell the hashpower, it included reselling, communication with third parties, develop a trading platform ourselves, promote the brand, and many different types of customer support and PR work, even though the AMHash brand belonged to AsicMiner. That's why the 10% is fair to us, and the planned deployment was only 1PH/s, so there wasn't much profit for us.

Email 4:

1. Our BTCGUILD Pool address is 1HtUGfbDcMzTeHWx2Dbgnhc6kYnj1Hp21i. ghash.io Pool address is 1ERszMSERwHNR9Xty73KZXpsg1jjBXWcHh (AMHash side) and 1K7AuMJwVfZg3UVjinnjT2HzG4pJvACat6 (pool side)
ghash.io account is xxxxxx, password is xxxxxx, this account can only view stats, because AsicMiner controls the email, so ghash message cannot be changed. (
Instant stats can be retrieved from ghash.io and BTCGUILD (67117).

2. Dividends start from the 1st of November, please give me the address.

3. In tomorrow's meeting, please remind us that we need PR people. The best would be tech press or Bitcoin Company diplomat people. (
4. The changing of hands of the datacentres/mines has stabilized, the remaining problem is the price.


Email 5:

Hi,

1. The address can be published.
2. Use the API, publishing the account will make it get stuck. (3. I thought we changed it to 4th November, I want to make it earlier, but never mind, let's split it directly. Give me an address.
4. Requirements are in the attachment.

--Original--

From: Rock Xie
To: Friedcat

1. We can publish the paying addresses, right?
2. Can we publish the ghash account, or do we make it displayed by API seperately?
3. In the IPO we wrote that the first dividends would be at 00:00 on the 31st, which is 8AM beijing time. It's not a good idea to change it now, is it?
4. About the details of employing, we need to discuss the details. What requirements are needed, what the pay will be, let me make a job listing.
5. I will tell my coworkers to make a list for the mine (like construction fees, rent, deposit, deposit for electricity, etc.) as a reference, and we will calculate the exact amount later.

Email 6:

Receiving Address: 1FhdXWuBEwuDtcQovpiu7NPgP3AoDEpYre
Receiving Amount: 480 BTC
The remaining 20 or so BTC will be left in the system just in case.

Note in red: This is an accounting email that friedcat required from us.


Email 7:

Please provide or confirm the following payment methods:

1. Havelock hashpower dividends topup address.
2. Bank Account for maintenance fees.
3. iehash hashpower dividends topup address.

Also, can we negotiate with iehash, to put the price down to 1.1mBTC/Ghs, and keep it so that the price will not reduce by more than 30% of the dividends of the previous day? (< This took me 10 min to figure out.)

cat


Email 8:

1. When is the christmas holiday, from what day to what day? How to we compensate the last ones that buy hashpower? (something i dont understand)?
2. Does hashie have any opinions?
3. Extra compensation should be available for everyone, but the estimate of 200rmb/THs is too high, it should be 200rmb/machine, which is around 145rmb/THs.

---Original---

From: Rock Xie
To: Friedcat

3rd phase AMHash plan

1. Stop current selling of hashpower.
2. Publish 3rd phase plan on Bitcointalk, Havelock and hashie. Announce the christmas promotion.
3. During the promotion, lower hashpower price by 5%, maintenance fee by 5%, so price will be 1.2BTC*0.95/T=1.14 Maintenance fee will be

1.633*0.95USD/TH=1.551USD/THs/DAY

Target the direct purchase to bulk buyers.

100TH/s will get another 1% discount, so price will comparatively be 1.1286 BTC
200TH/s will get another 2% discount, so price will comparatively be 1.1172 BTC
300TH/s will get another 3% discount, so price will comparatively be 1.1058 BTC


Email 9:

Please leave around 5-10 days worth of dividends at hashie, and then subtract the rest and send it to:

1x8ggMHEhGxSe95WWE4YvyLu27M8Pcnrb


Email 10:

Hi Alex,

The address is 1x8ggMHEhGxSe95WWE4YvyLu27M8Pcnrb.

cat

---Original---

From: Huh
To: Friedcat

Hi Cat,

Received. The attachment is the total sales by HASHIE, a total of 314.92731 TH, please see the attachment for details.
We withdrew 50 BTC from hashie to Havelock to AMHash1's address as dividends (I think Rock Xie explained this to you?)
This means that the total BTC we need to give you is:
274.8636374

Also, please give me the address

Alex

Guys, sorry, but I am really tired. I've spent like an hour and a half translating this, and I really am exhausted. I will finish off the translations probably on  Wednesday, since I don't think I will have time tomorrow. Sorry for some inaccuracies in the translations, but it should give you guys a general idea of what this is about. Also, addresses might be copied incorrectly, since I didn't bother to double-check them.

Tips really are appreciated.
1Cb2JZxh2R8UxLCuQofdNFm4qnSkga2YyU

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* Primeminer, mentions friedcats last known location and electricity theft claims.

DATE: March 11, 2015, 01:43:41 PM
USER: Primeminer (https://bitcointalksearch.org/user/primeminer-407053)
LINK: https://bitcointalksearch.org/topic/m.10737069

http://8btc.com/data/attachment/forum/201503/11/114439md5d5d572lk65jdu.png
thats the location where Fried Cat was last seen

apparently they got in trouble with local officials and got arrested as the partner site (apparently a food factory) has been stealing electricity. All people at the site and hardware has been arrested.

That is what I can understand with my limited Chinese is being said on the weibo

----------------------------------------------------------------------------------------------------------------

* David Fan's (Fan Dawei) first announcement

DATE: March 11, 2015, 04:32:19 PM
USER: Phasebird (https://bitcointalksearch.org/user/phasebird-337449)
LINK: https://bitcointalksearch.org/topic/m.10739094


UPDATE: the following info is literally wrote from David.Fan  （Co founder of ASICMINER）

STATEMENT FROM DAVID.FAN

Dear customers and clients,

The last few weeks have not been easy for the company. Friedcat went missing and this caused an interruption with the business. We are slowly recovering from the loss in company leadership.

First, the company is still operating, albeit at a reduced employee count. The physical location of our new office is currently confidential to guarantee an undisturbed office environment. Our sales contact is still the same. For all other requests please contact us through our general help line
(email: [email protected]).

With friedcat missing, the current management of the company is carried out by David Fan temporarily. We will keep you informed of any significant changes, as we are still developing a long term solution to the current situation. We understand that many people are concerned about friedcat and his safety. We ask to not spread any misleading rumors and not pursue speculation.

Due to unforeseen events , the computational that power AMHash managed by RockMiner has become unavailable. We are sorry for the resulting damage experienced by any third parties. We are doing everything in our power to mitigate the damage.

Yours truly,
ASICMINER Management

-----------------------------------------------------------------------------------------------------------------

* Jutarul, shares some information he got from the company a few hours after David Fan's announcment

DATE: March 11, 2015, 06:10:00 PM
USER: Jutarul (https://bitcointalksearch.org/user/jutarul-44764)
LINK: https://bitcointalksearch.org/topic/m.10740209

Let me break the silence, since many have wondered about the events on the board and among major shareholders. I apologize to all who sent me messages and didn't get a reply. But the situation at ASICMINER is simply hard to diagnose without first hand information. I guess I speak for every major shareholder when I say that no one saw the current situation coming. Sure - the company has been struggling lately, in part because the window of opportunity closed quickly and ASICMINER

didn't move as fast as some of the competition. However, seeing how ASICMINER got hit by a double whammy of first loosing its farm and then its CEO is quite disturbing, to say the least.

The situation surrounding Rockminer is complex. I am saddened to see such an aggressive stand of Rockminer towards ASICMINER. I can only suspect that they are getting a lot of pressure themselves. However, there are more professional ways to deal with the issue than to clutter the internet with confidential material - that alone speaks volumes. The only excuse I can see for this is that ASICMINER so far has dealt with the situation poorly - and this is inexcusable.

The contractual obligations are currently being analyzed. So far it is clear that there seems to be no real clause which defines who is liable for events like theft or fire. Obviously, there has been no insurance plan either. The general rule for situations like these is that any clear liability assignment is commercially not viable and the affected parties have to sort it out somehow. The problem is that the product AMHash theoretically involves 5 Parties (Operator, Manufacturer, HashLord, Contract Platform, Contract Holder), of which neither has the ability to absorb the damage alone.  So far the overall understanding is that ASICMINER should carry some responsibility - however, the ability of the company to deal with the current fallout is hampered. Pressuring the company to do anything which it can't deliver is not productive.

I hear that some parties are considering legal steps. Let me tell you that from experience this won't end well for anybody and only results in wasting money on the parasitic elements of our economy. What we need in the current situation is a leadership figure who seeks compromise. This crisis won't be solved overnight. If a solution is reached it's likely gonna be a 2 year plan or some form of agreeable settlement. I hope I didn't shock anybody with this assessment.

Regarding the shareholding. It has been of a lower priority. For everyone who is holding shares and has traded recently, please preserve the full trail up to the last checkpoint, which means the cryptographic signatures which are used to authorize reassignment of shares. If traded unsafely, there is no guarantee that the ownership can be confirmed. Beware of double spending vectors in OTC transactions and use escrow if possible.

I saw some claim for the board not doing its work. Unfortunately there is no job description for board members, nor do they have an official duty with the company (unless a board member decides to get actively involved with the business). The conclusion which was already drawn a long time ago is that proper assessment requires boots on the ground. But those who actually were, never developed the habit of fiduciary reporting. AM Management always enjoyed a lax handling. I am not certain whether a stronger hand would have helped though. The business is tough. One little detail though - FC was always conflicted which information to release to the board and which not - especially since some of the board members have a conflict of interest because they are working for the competition. As such we covered mostly the baseline of sticking to financial statements as required by law.

According to the latest status the BE300 is confirmed and working. However, to bring the chip to market requires FIXED COST + COST PER CHIP + BUILD OUT COST. The funding situation for this is dire and it would require a new investor or a big buyer who has to be certain that he gets what he is promised.

There are two scenarios where this could be quickly achieved:
a) A bitcoin price explosion would release dormant capital instantly shifting the reward/risk ratio.
b) A new type of investor who enjoys preferred treatment over AM Shareholders for the financing of the BE300 tech. Likely implemented as a joint venture.

I will collect further questions via PM and answer them publicly. I am certain I missed a few important points in this post.

Regards

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* Rock Xie, writes his 2nd blog about the Amhash incident

DATE: 2015-03-12 16:45
USER: USER: Rock Xie (https://bitcointalksearch.org/user/rockxie-60803)
LINK: http://www.8btc.com/amhash-rock-xie / http://www.weibo.com/p/1001603819603678652587


Translation by byt411 (https://bitcointalksearch.org/user/byt411-87671):

First part of translation:

After so much time, we finally have an announcement. However, the disappointing part is that there is no good information, especially about AMHash, since a lot of

information was misleading, making people believe that this project was RockMiner's. I am disappointed, and I am going to clarify for the last time.

The following truth is told at a stranger/spectator/3rd party's point of view. If there is anything fake, I will assume all responsibilities caused by the incorrect

information.

AMHash is a project where AsicMiner entrusted RockMiner to be in charge of marketing and selling, and customer support. RockMiner was responsible to sell hashpower

operated by AsicMiner in Jiangsu, China. Before the AMHash project began, RockMiner had already suffered losses. We did not have a lot of money left (600+ BTC). We

refused to use it improperly, because it was proven that the more machines using the BE200 chips we manufactured, the more losses we had.

The start of AMHash:

Around November 2014, the price of Bitcoin was low, and the competition in the manufacturing of ASICS was speeding and heating up. Manufacturers could not complete

their sales project properly, and the manufacturing profit was at an all-time low. From previous experiences, there are 2 ways to clear up the stock quickly: To

sell them or to use them ourselves. But due to the switch to large-scale and industrialized mining, the reality is a combination of the 2 methods previously stated:

For the manufacturer to set it up themselves, and then sell the hashpower to customers; this way, the stock can be cleared, the cost can be earnt back + a little

more, and a bit of maintenance fee.

Tips are appreciated: 1Cb2JZxh2R8UxLCuQofdNFm4qnSkga2YyU



Full translation of the blog by Google Translator:
Waited so long, and finally there is a bulletin, but the disappointing thing, it seems that no substantive content, particularly on AMHash, but also with a serious misleading, so many people think that this project is entirely RockMiner operation. Once again, I expressed disappointment at the same time last clarification.

The following description of the facts are objective facts, if there is any false, I personally would be willing to any and all liability due to bear false information.

AMHash project was commissioned RockMiner ASICMiner responsible for sales and marketing, in the face of a client's project, these operators are ASICMiner forces have been deployed in force in China's Jiangsu Huaian count. Before the project started RockMiner AMHash have experienced severe losses, the RM account was not much money (600 + BTC), we have dared to tamper with, because before proved, the more we produce chips based BE200 mining machine loss more serious.

Crazy Xiaoqiang

AMHash Project Origin:

In October 2014, when, on the one hand currency price slump, on the other hand mining machine competition heated up the stage, the mining machine manufacturers not only difficult to complete the sales plan, and sales profits again reached historic lows. According to past experience, the mining machine manufacturers to quickly handle inventory there are two main ways: external sales and self-deployment (including joining deployment). But with the emergence of large-scale mining and professional force cloud count is actually a combination of two ways: the manufacturers themselves deployment, and then calculate the force sold to customers in order to achieve clear inventory, cost recovery, and the ability to earn a profit (maintenance costs).

For AM, the company has been producing mining machine, mining machine problems but the quality and design, although the sales department in order to promote sales of all outsourcing, but has been plagued AM market downturn and the quality of their products bring torture . And this time the force has become popular cloud count, and I had many discussions and roasted cat cloud count feasibility force, as we all know, R & D programs are inherently AM mining machine specifically designed for large-scale deployment, in series, a low-cost, noise, these features mean more suitable for large-scale deployment, not suitable for family-mining.

In addition, AM hands of a few hundred K BE200 chip, if you can not be realized as soon as the remaining chips, will bring greater losses, the longer the time, the chip will be more severe devaluation (born from the chip to the time, the value of the chip has been is half of the original, S5 upcoming news has been flying out).

But the chip costs still need a lot of money, the speed and the number of fund-raising has become an important factor in the ability to quickly inventory chip realized, if financing too long, will lead the mining machine to sell / deployment time stretched, will lead to huge losses, which makes the pressure greater than the mining machine.

Inevitably toward large-scale mining development group has become a consensus, and cloud solutions precisely calculate the force as long as possible to ensure the safety of the mine and electricity costs, cloud projects are generally not considered a loss of power, the rapid development of HASHNEST is one example . Based on the status AM company / industry environment and Trend, grilled cat has realized that cloud forces may really be considered the future direction of AM, after many arguments, and I think we can try grilled cat, but the key is to find electricity cheap enough space.

In late 2014 to mid-October, when the cat made roast, AM has been deployed in Huai'an several P operator force is deployed in collaboration with others, can be sold. Prior to this, I AM deployed in Huai'an completely unaware of this project, because there has been no publicly AM, just before the deployment of some of the operators know AM force, but specifically how much, and where exactly is unclear. The project, the biggest risk is that the mine safety and tariffs on these two points, I know very well, and therefore had repeatedly grilled cat confirmation. The answer is that these operators force is already deployed AM, and in the operation, the security without any problems, and very, very cheap electricity, even at the beginning of 10RMB / T / DAY prices, there is still room for price cuts.

Finally, taking into account factors such as market reaction, we agreed to try to force the water 1P count.

Please note, AMHash force the operator to sell, not after the deployment of a temporary or sold out, but already exists operator force, which in fact has ruled out a lot of unknown risks, such as the deployment of the time delay, mine design unreasonable electricity result in downtime and so on.

When baked cat discuss the significance of this project, it is clear that sell grilled cat cloud calculate the force is not simply a few existing operators P force to sell, but there are long-term plan that you want to fight a long-AM brand, similar HASHNEST, so, after all remaining BE200 chip count can quickly become a force, such as BE300 even came out, do not worry too much about the problem of mining machine sales, AM can deploy your own machine, and then the count force to sell. In addition, AM and RM that time was already there, including staff seconded some cooperation, including mining machine sales, AMHash project has also become one of them.

Above is AMHash of origin.

AMHash sales force considered the historical process

In October 2014, taking into account that HAVELOCK larger customer base, good reputation influence, we decided to choose and work with them sales, the fact that we made the right choice, HAVELOCK played its role, and is a responsible platform. AMHash1 did not sell much, just over 460 TH, but because just started, did not show the effect of publicity, a lot of people also have doubts AMHash1 rate of return, and therefore did not participate. We also thought that the cloud was not considered force to engage, sell concessions so nobody interested in that direction is wrong. But then the situation was reversed, there have customers asking AMHash thing, and when it opened the second consultation phase of the project.

In late November 2014, we officially launched AMHash2 sales. After the AMHash1 sales force of 460 + T count after, hashie.co in mid-November to contact us, they want AMHash sales agents, in order to promote AMHash brands, increase sales, we have reviewed the qualifications hashie and agreed Their agent qualification, because the platforms are not familiar with, we have been asked to provide sales period hashie 30-80BTC as a deposit, and they need every day with our automated billing, sales commission income beyond the upcoming call us regret things, hashie issued a bulletin to be attacked by hackers in the end of December 2015, we have subsequently launched an emergency plan, a smooth transition to AMHash client platform (there are a few users to apply some still in the process).

AMHash2 sales and marketing AMHash1 similar, but shorter events, sold only 10 days, AMHash2 sold a total of more than 480 TH.

12 months late in 2014, we launched AMHash3, and to develop a marketing plan for Christmas. As a result of the early accumulation of reputation and customers, sales AMHash3 appeared very rapid growth in the first two-month period to sell a total of less than 1P, but the period of time in less than two weeks to sell nearly 2P more This time something happened, HASHIE claimed to have been hacked, we need to users on the move to AMHASH HASHIE or HAVELOCK up. One is based on the needs of brand building, on the other hand also because of the negative impact brought hashie black event, we accelerated the perfect platform for building and AMHash.com

functions (including their own development and outsourcing core trading engine features, but ultimately not on the line), then AMHash.com on-line, the customer is responsible for platform dividends, interactive, answering to handle matters of power between different platforms customer count transfer.

AMHash mine problem

Sales are hot, we found through the mine pool API, originally mining accounts for nearly 5P count force, suddenly dropped 3P. I quickly contacted the roast cat, his reply is some failure is mine, is being maintained, will soon be restored. After a period of time yet to deal with (and mine partners appear a little contradictory), to be safe, we recommend to discontinue sales, grilled cat agreed, and decided to stop for some time, and so the new operator on the line after the force Look (you can see the last microblogging mail communication content). Stop sales force in the count of time, we have received hundreds of e-mails asking new sales force calculation time, thought quickly on the line, but due to later calculate the force not only failed to recover, even eventually disappear, and therefore new The sales force has not counted on the line. Being hundreds of emails and phone calls asking customers to continue to sell the plan, I even have a sense of accomplishment, Imagination AMHash brand has finally been recognized by the market, and before efforts were not in vain, AM can develop later, and RM can There are new developments in the space, and then, the fact that this is a fantasy.

After the count force disappears, I continued with the follow-up time for the first time as well as grilled cat communication, get back is always cooperative problem Huai'an mine, they are trying to, but did not disclose any details. And repeatedly stressed that they are producing new machines, the new operator will soon deploy forces in Ningxia and Jiangsu. Later, we all know the situation, the operator has not restored power, grilled cat a lost contact, and AM others say they do not know this thing, unwilling or unable to take responsibility.

AMHash how to deal with the problem

For this problem, recently plagued our core issues, a lot of people (customers, even AM) RM or I want to personally take responsibility, to be honest, we can not afford, or I have.

I am here to go back to RM, although the company serious losses in 2014, but the RM team would also have a great passion for the industry, thinking to do some things, but AMHash blow this thing is too great for the RM. We earn from AMHash project of more than four hundred block tens of thousands of coins and maintenance costs (all other sales have been paid to the designated address roasted cat, we have all the records to prove), in which more than three coins plus original balance currency for external acquisition of shares. Rest of the money, the time a few months we have seven or eight teams, flies extremely hard. Debu nice thing to say, we have five people on secondment to the AM (three core members, two general staff), last year and last month's wages are not paid year-end bonuses AM (currently by RM advance wages). In addition, AM still owe RM Part mining machine sales commission (simply means selling mining machine), as AMHash maintenance fee is owed several months. RM is now no longer any excess funds are our own team members to chip in struggling to stay afloat.

As for me personally, the RM project my original investment in addition to the internal and external public chips, I also added investment, one person accounted for two board seats. The project is on AM losses, had only 5,000 shares AMshares, but behind the share price 4BTC period began, has been repurchased, currently holds AMshares7278 shares, of which more than two hundred shares held on behalf of a friend for help. In order to repurchase these shares over 2000, I spent more than 3,000 BTC. And now, this part of the stock seems to have a tendency to zero (then if the cat has not appeared roast).

In addition, I am most reluctant to announce that the cat is still baked by my personal remaining 1000BTC no return (several months overdue).

On AMHash project, RM or I personally do not derive any unjust enrichment, RM or I personally can not afford at present no obligation to assume responsibility for any funds, we can do, we can only be such as AM willing to deal with this project when sidelines assist them to clarify that how much each investor compensation / bonus, help them communicate with customers, but not substantive action if the AM, we can not do anything.

David made the announcement in English mentioned "the computational that power AMHash managed by RockMiner has become unavailable", the language is very misleading, and calculate the force will AMHash brand mix spoke, giving the impression AMHash is managed by the RM. In fact, AMHash has two levels of meaning: a true force AMHash count, the second is AMHash.com the sales platform. Sales platform indeed RM team to build and maintain, and calculate the force is clearly not our responsibility and capacity, this had explained at the first time of sale.

I told David said, AMHash if not promptly deal will mark a myth shattered, he said: "What? What did not myth myth." I want to say is that it is bound to be on the History of Bitcoin an iconic time, regardless of whether the ultimate grilled cat, will mark an end to the era of personal reputation.

To be honest, it is very big blow for me, changed my views on many things. Although I know many people who like grilled cat, believed that he would come back, still do not believe the cat is subjective roast escape, but he disappeared objective facts, has given a lot of people, including me, causing injury.

To be honest, I'm tired, and I think quietly.

If the roast cat back, or front AM willing to resolve this matter, RM or they will be willing to assist all investor relations AMHash to clarify the exact
compensation or dividends are sent to each investor's address.

Everything is like a dream, my main bitcoin career origin roast cat, the cat seems to finally turn the roast edge only.

Rock Xie
March 12, 2015

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