In a Jan. 24 announcement, Bitcoin miner Hut 8 issued a blanket denial of claims made against it in a Jan. 18 short report from Jcapital Research, an investment information service firm. In the announcement, Hut 8 said the report was “filled with inaccuracies, misrepresented data, speculative claims, and unfounded character attacks.” 

The Bitcoin ( BTC ) miner encouraged investors to read the company’s official documents filed with the United States Securities and Exchange Commission and Canadian securities regulators, claiming that these documents are “credible sources” of information about the company.

Hut 8 responds to recent short report that is “filled with inaccuracies, misrepresented data, speculative claims, and unfounded character attacks.” CEO @jaimeleverton said, “Our Board of Directors and management team continue to have full confidence in our merger of equals and we…

— Hut 8 (@Hut8Corp) January 24, 2024

Bill Tai, chairman of Hut 8’s board of directors, stated that the board has full confidence in the current management:

“The Board maintains full confidence in the Company’s merger of equals, strategic plan, and management team. Our focus remains on the long-term vision and continued success of Hut 8. We remain committed to ensuring that our governance and oversight are aligned with the best interest of our stakeholders.”

The Jan. 18 short report from Jcapital Research claimed  there was a “coming Hut pump and dump” and that investors were exposed to new risks after the miner merged with US Bitcoin Core (USBTC) . USBTC is “backed by promoters with a history of legal trouble,” and Hut 8 chief strategy officer Michael Ho is a “used car salesman” whose “history is littered with involvement in SEC-defined pump-and-dumps, sporting share-price declines of 83%,” the report claimed.

It also alleged that USBTC was associated with a stock promoter group in Hong Kong called the “Honig group,” which allegedly was charged by the SEC with “classic pump and dump” and “fraudulent schemes.” The report claimed that USBTC was fined by the SEC for attempting to hide its connection to this group.

As evidence for its claims, the report cited an SEC order against US Data Mining Group and linked to an SEC announcement of charges being brought against “a group of prolific South Florida-based microcap fraudsters led by Barry Honig.”

Related: Bitcoin miner Hut 8 shares tank 23% amid accusations from short-sellers

Jcapital disclosed that its report is based on investor “activism,” though it also claimed that it tried to “find and present facts,” stating:

“Be warned. We are activists, usually on the short side. We do our best to find and present facts, based on extensive primary research and using public sources. ​But we will profit if these stocks decline or, when we are long, rise in value. We do not offer advice on how to trade a stock. We present our views.”

In its Jan. 24 announcement, Hut 8 dismissed the Jcapital research report as “a deliberate attempt to spread misinformation about Hut 8, its operations, finances, management practices, and key executives.”