The application of Ebang International's Australian cryptocurrency exchange has been on the shelves for more than a month,

On February 10, the mining machine manufacturer Ebonex International (Nasdaq: EBON) announced that its wholly-owned subsidiary Ebonex Australia Pty Ltd (hereinafter referred to as "Ebonex Australia") will receive supervision from Australia for financial crimes in December 2021. The digital currency exchange registration license issued by the institution AUSTRAC (Australian Transaction Reports and Analysis Centre).

From the information on the official website, the license supports the exchange of digital currency and local currency; in addition to registering local enterprises, the license also includes writing business plans, anti-money laundering and anti-terrorist organization financing plans. At present, there are intermediaries specializing in assisting in applying for digital currency exchange licenses overseas. MXEC Matcha Exchange and WBF Exchange have claimed to have obtained financial service licenses issued by AUSTRAC.

Hu Dong, chairman and CEO of Ebang International, revealed that the company will expand in Australia in 2021, setting up subsidiaries and offices, as well as local teams.

On April 5, 2021, after a few days of delay, Ebonex, the cryptocurrency exchange of Ebond, was launched. In the same month, Hinderburg Research, a short-selling agency, released a short-selling report on Ebang International. In addition to the problems of slow sales and poor quality of the main mining machines, it also included the fictitious trading volume of the newly established crypto exchange.

The short-selling report pointed out that Ebang's exchange is a "white label" (OEM) exchange system that was purchased, and the developer is Blue Helix. It was found that there were forty references to "bhex" in the website code; and the address where the token XRP was stored on the Ebonex platform belonged to the currency core. At that time, Blue Whale Finance checked the script of the static output page of the Ebonex website. The file name of some icons on the exchange page has the word "bhex", which is the same as the icon of the trading system example of the currency core website.

In addition, the short-selling agency took Ebonex's Ethereum to Bitcoin (ETH/BTC) trading pair as an example, saying that the 24-hour trading volume of the Ebonex platform was 243 million US dollars, which was larger than that of the leading exchanges. Based on Ebonex's current social media presence in the network, as well as search data. Short sellers pointed out that there is a possibility of fictitious trading volume on the platform. In the shareholder letter, Ebonex responded that in order to speed up the development progress, it purchased some software source codes from Bicore. After investigation, it was confirmed that the abnormal transaction volume was due to a software failure in the backend of the Ebonex platform, and the displayed transaction volume was incorrect.

The BHEX table of the exchange under the currency core has been closed. Half a year after its launch, the original Ebonex mobile APP could not be accessed, indicating that "EBONEX" is no longer available. At that time, in some app stores, the Ebonex app also did not have an "install" option. Ebonex's official website shows, "According to the regulatory requirements of the relevant departments for the digital currency industry, we cannot provide transaction services for users in your country and region."

At present, Ebonex Exchange and Ebonex ProAPP are available for download on Apple Mall. The developer is Ebonex PTE.LTD, which is usually a registered company in Singapore; the latter is developed by Ebon Company of Australia, and the first version was launched four weeks ago.

On February 11, after opening the Ebonex exchange application, it was repeatedly refreshed and suspected that the network problem continued to be displayed, and ke could be used the next day. Ebonex Pro currently shows that it only supports mobile phone registration with the Australian area code 0061, and also supports email registration, but it also prompts that there is a network problem. On February 12, the application supports registration and use, and 19 trading pairs are listed. Ebonex supports kyc users to recharge Australian dollars.

In 2020, Ebang's overseas business volume gradually shrank, and 99.8% of mining machine sales revenue came from China, mainly one-off sales contracts. Yibang International also had disputes with Yingzhong Internet (002464.SZ) and China Railway Emergency (603300.SH).

Yingzhong Internet and Ebang International caused a dispute over the delivery of 300 million mining machines. The former reported the case to the police, and Yingzhong Internet disclosed that the relevant lawsuit involved 100 million yuan.

In August 2021, the chairman of Ebang International held a press conference to report that Huatie Emergency was suspected of serious financial fraud, serious information disclosure violations, and the actual controller Hu Danfeng and his spouse Pan Qian were suspected of embezzling and hollowing out the assets of listed companies and other violations. There is a dispute over the mining machine payment between the two parties. On August 15, Ebang International stated that it canceled the second press conference of the "Three Deadly Sins" in the China Railway Emergency Response. At the end of the month, Huatie made an emergency announcement and received the "Civil Mediation Letter" issued by the Hangzhou Intermediate Court on August 23. All parties confirmed that the 80,000 servers involved had been delivered, of which 24,000 had been paid for, and the remaining The payment of 272 million yuan for the 56,000 units was paid by Zhejiang Newbo Industrial Co., Ltd. to Zhejiang Yibang Communication Technology Co., Ltd. Both sides stopped fighting.

At the same time that Yibang pointed out the emergency problem of Huatie, it was also publicly pointed out by the short report that the financing funds involved five major problems, such as opaque transactions, slow sales of main mining machines and poor quality. In April, the report from short-seller Hinderburg Research coincided with the annual report release period. The fourth quarter 2020 earnings announcement was not released until the release of the audited annual report. Compared with the previous news such as the establishment of cryptocurrency exchanges, the launch of Litecoin and Dogecoin mining machines, etc., after the short-selling report incident, the Ebang International Investor Relations homepage has not released new business news for a long time.

In the first half of 2021, the net operating income of Ebang International was 18.3 million US dollars, a year-on-year increase of 65.69%; the sales computing power was 900,000 T/s, a year-on-year increase of 220%; the net loss was 4.26 million US dollars, or about 27 million yuan, which narrowed year-on-year. 38%. According to the report, the increase in revenue was mainly due to the demand for mining machines driven by the rising price of Bitcoin. During the reporting period, the unit price of Bitcoin once exceeded US$60,000, and it has now dropped by 30%.