Jihan Wu regains control of Bitmain

Bitmain co-founder Jihan Wu has become the legal representative and chief executive of the Chinese mining-equipment manufacturer. This сообщается in the company’s WeChat account.

The status of legal representative gives Wu the right to act on behalf of the company, sign and enter into agreements. The plan of Bitmain’s leadership is to restore normal operations across the company and its subsidiaries.

«Since 2020, the co-founders’ dispute has damaged Bitmain’s market share and image. We lost customers, and employees had to take sides,» the statement says.

The second co-founder, Micri Zhang, remains in the position of general manager. But the conflict between the partners has not been fully resolved.

Back in autumn 2019, Jihan Wu became Bitmain’s chief executive and, with shareholder backing, ousted Micri Zhang from all posts. The second co-founder sued, and later gradually took control of key divisions of the company.

In June 2020, Zhang accused his partner of illegally seizing control of the firm. In his view, there was no shareholders’ meeting — Wu forged their signatures.

In September Zhang анонсировал the sale of miners based on 5-nanometer chips. The second co-founder described them as test samples and said there were no plans to release chips to the market.

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