Economy & Politics

ExclusiveMining group Northern Data sued Twitter

The Frankfurt-based company Northern Data operates high-performance data centers, among others in the US state of TexasPR

By the end of 2019, Northern Bitcoin was more known to initiates. The Frankfurt-based company provided miners with computing power for the most important cryptocurrency. Then it merged at the end of the year with the American data center operator Whinstone US, which is building the largest mining plant in the world for $ 150 million in Texas. The merged company changed its name to Northern Data and announced that in future it would not only be active in the crypto market with high-performance computing, but also to broaden its customer base.

This sparked imagination on the stock exchange, and the share price has risen by almost 300 percent since the beginning of the year from EUR 20 to around EUR 75 in the meantime. However, the soaring flight ended suddenly in mid-July. A report appeared on the Internet that fundamentally questioned Northern Data’s business model. The anonymous author wrote that the company was a “windy Bitcoin miner” that was hiding behind a “high-performance computing / AI story”. Since then, Northern Data and its main investor Christian Angermayer have been bombarded with violent accusations on Twitter. The stock crashed and is now around 40 percent lower than at weddings.

Northern Data initially tried to refute the allegations. Because this did not help the stock market price jump, the company is now taking a drastic course: it has filed a lawsuit against Twitter in Dublin, Ireland. The short message service has its European headquarters there. The aim of the lawsuit: Northern Data wants to find out who is behind the anonymous report.

You can read the whole story today on Finance Forward, the new finance portal from Personal-Financial.com and OMR. You can register for the daily newsletter here.

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