“We view $CAN as the latest US-listed Chinese company to have deceived investors about its business”

One of the world's largest manufacturers of the ASIC devices that are used to "mine" cryptocurrency looks like a total Scam. 

"investigation of this bitcoin mining machine maker reveals undisclosed related party transactions, irregularities involving many customers and distributors, as well as a business model that we view as broken. Regardless of your outlook on the future of Bitcoin, we believe that CAN's business is simply far worse than promoted. "

"In the three months or so since listing, [$CAN]  has seen its share price collapse by almost half, from $9 to around $4.70 at pixel time (despite a rather unusual 80 per cent one-day surge in the middle of last month). And that's in a period during which bitcoin has climbed about 15 per cent."

See the story on FT Alphaville here: Canaan you believe this crypto stock got listed on the Nasdaq?