BTCGarden one of the most successful IPO ever on btct.co decided to buyback their entire IPO. Company announced to buyback/repurchase entire two million shares with the price of 0.016btc/share. According to official statement one Chinese guy was trying to extort money so they can stay out of legal trouble. Scammer has a long history of cyber-fraud activities in china and due to the terrible Chinese laws he is free.

Following is the original statement.

In August 05th , 2013, a chinese BTCer posted threads/mailed us several times at btcman.com with extreme bad tone, threatening that he need to inspect and review our company to see whether we are real and trustworthy, otherwise he would do something bad to us. Being the nature of the business, such request can not be satisfied. So we agreed that we could buy back his shares on btct.co.However,he asked for a higher price and request us to transfer the Bitcoin to him first. We then searched for his email address and his account on net, what shocked us was that he has a long history of cyber-fraud activities in china, he did not even change his ID and email in the past several years and due to the terrible chinese laws, he has not been arrested.

With those information, we realize that we were being extorted and obviously refused to transfer first.We banned his account at btcman.com after he continued to attack us there. One day later, he opened a new thread at bitcointalk`s chinese board and post a reply at our official thread in chinese as you can find, saying full of lies and persuading other people to join his group to against us. Although he cannot even speak english, an english spoken shareholder still talked with him through IM software&google translator and helped him to find out some personal info of one of our staff of btcman.com. (not btcgarden). The racketeer then reported our staff/sites/this BTC-IPO to police with several completely falsified evidences

After discussing inside, we decide to stay away from the IPO at this point as the fairness of laws in this area are full of big uncertainties. We hardly undertake such an undefined risk especially with many scammers out there seemingly targeting the bitcoin companies in China .

BTCGarden was expected to deploy 200 TH/s in at Shenzhen / Beijing / Xian / Suzhou simultaneously with in next two months. Now company will operate with their private funds.

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