Bitcoin

Bitmain’s power struggle reaches a new level

The power struggle between the two co-founders of Bitmain, Micree Zhan and Jihan Wu, seems to have reached a new level as Zhan would apparently divert his financial flows to companies that are fully controlled by him.

This is part of a public utility announcement that appears on Bitmain’s Weibo and WeChat pages to inform customers that Bitmain email and payment information has changed. These seem Point to accounts controlled by Zhan.

According to the report by BlockBeatsWu made a statement claiming this These actions are due to WeChat and Weibo accounts report the wrong information.

Bitmain’s power struggle reaches a new level
Bitmain’s power struggle reaches a new level

According to the statement, “abnormal activity” in Bitmain’s accounts has resulted in pages making false statements on behalf of the company since June 10. This was pointed out again in the announcement Legal procedures are used to stop the distribution of “fraudulent information”.

Wu seems to be losing

The long struggle has come to a solution in the past few months. Zhan appears to have hit several hard strikes against Wu’s authority It started with Zhan’s attempt to steal the company’s official seal in May.

Since then in June Zhan used private guards to enter Bitmain’s Beijing office and act as a legal representative. Wu remained in control of external entities, particularly Hong Kong-based Bitmain.

Zhan’s range has been reportedly extended to Shenzhen blocked deliveries from ASIC miners to customers.

It remains unclear who is currently controlling Bitmain. and some make analogies with a “Schrödinger Bitmain”. It is likely that due to its legal structure, Neither party can finally identify the other.

As Cointelegraph reported on June 24th, Zhan offered Wu to buy his share and other investors for $ 4 billion that It could be the start of negotiations for a peace treaty between the co-founders.

Meanwhile, The company still seems to be operating how to sign new contracts.

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