Jihan Wu gains the upper hand in the battle for Bitmain

The fight for the management of Bitmain continues between the 2 co-founders and Jihan Wu has received a prison higher hand in the most recent ruling

The co-founders of Bitcoin miner maker massive, Bitmain, were locked in a fight for keep an eye on over the last few months. Co-founders Jihan Wu and Micree Zhan were in war of words since October ultimate yr when Wu ousted Zhan. On the other hand, Zhan regained keep an eye on of the corporate previous this yr, however the fight appears to be a ways from over.

In a flip of occasions, Zhan has been stripped of the prison consultant and govt director place of the corporate, then again, he stays a normal supervisor of Bitmain.

In keeping with China’s trade registration file up to date the day gone by, Wu has as soon as once more regained his place and turn into the prison consultant and govt director of Beijing Bitmain Generation, the operational entity of Bitmain.

Wu reaffirmed the standing replace in a press release printed at the WeChat account of Bitmain’s AntMiner logo previous these days. Wu added that Bitmain’s admire for Zhan stays in position in spite of the continuing warfare between the 2.

Struggle for Bitmain drags on for a yr

The interior energy combat in Bitmain has been dragging on for just about a yr now. On the other hand, this newest construction means that it could have come to a temporary finish. The 2 co-founders were locked in an influence tussle for the previous 11 months and it stays unclear if the fight will finish quickly. The 2 facets have a lawsuit within the Cayman Islands, the place the mother or father corporate of Bitmain is living and the lawsuit is pending a last verdict.

Bitmain admitted that for the reason that get started of the yr, control had broken the corporate’s marketplace stocks and its world logo symbol. They’ve misplaced shoppers, and workers have been compelled to take facets between the 2 founders, with more than a few detrimental information doing additional harm to the picture of the corporate.

Wu concluded that the corporate would now center of attention on regaining its standing within the cryptocurrency global and type out all its problems. The fight began when Wu got rid of Zhan from his position because the chairman, govt director and prison consultant of the corporate, in spite of Zhan being the most important shareholder. In keeping with Wu, Bitmain had underperformed below the management of Zhan as they skilled a large drop in bitcoin miner marketplace percentage in 2019.

The year-long fight that ensued between Wu and Zhan has additional affected the corporate because it misplaced a few of its shoppers to rival Bitcoin miner producers corresponding to MicroBT and Canaan.

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