CRYPTONAIRE
WEEKLY CRYPTO investment journal
Jihan Wu Regains Upper Hand in Bitmain Co-Founder Fight
In a new twist in Bitmain’s ongoing power struggle, co-founder Jihan Wu has regained the legal representative status of the bitcoin miner maker giant. China’s business registration record update on Sept. 14 shows Wu has again become the legal representative and executive director of Beijing Bitmain Technology, the operating entity of Bitmain. Subsequently, Micree Zhan, the rival co-founder who was ousted last October by Wu but regained control earlier this year, is no longer the legal representative and executive director but remains a general manager of the firm. The role of a company’s legal representative in China has broad powers to act on a firm’s behalf and usually also holds the company’s official seal, a crucial element for signing company decisions into effect. In an announcement published Sept. 15 via the WeChat account of Bitmain’s AntMiner brand, Wu reaffirmed the status update and said the company’s respect for Zhan “remains unchanged.”
Battle for Bitmain The update suggests Bitmain’s internal power fight may have come to a short-term end although the two sides’ lawsuit in the Cayman Islands – where Bitmain’s parent holding entity resides – is pending for a final judgment. Read more...
Cryptonaire Weekly | September 15th 2020
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