ofo has been criticized for is selling its users and attempting to avoid paying back deposits.
Ofo’s headquarters have shifted as it faces a reported cash crunch.
The Chinese bike rental firm is reportedly preparing for its bankruptcy reorganization plans.
Cash-strapped Ofo could try wheeling its business down another path.
Three Japanese cities have reportedly received notice from ofo.
The bike rental giant is currently in negotiations about merging with Hello TransTech, previously known as HelloBike.
According to one source, ofo will find it difficult to provide a “valuation under an assumption of continuous operations.”
According to media reports, ofo used the cryptocurrency to cover its mounting losses.
The company said it had paid all employees and that it holds the right to counter libelous claims.
Recent advertising methods haven’t seemed to relieve ofo from its stressed financial situation.