Jihan Wu returns to CEO of Bitmain; Bitcoin Cash added 11%
Jihan Wu, co-founder of Chinese mining company Bitmain, has replaced Mikri Zhan as legal representative, Primitive partner Davi Wan reports, citing public documents.
Wu, for his part, sent out an email to all of the company’s employees: “Bitmain Co-Founder, Chairman, Legal Representative, and CEO Jihan Wu has decided to remove all responsibilities from Jean. The decision takes effect immediately. Bitmain employees are no longer required to take directions from Jean or participate in meetings he organizes. Bitmain may, depending on the situation, terminate labor contracts with violators “.
It also became known this Tuesday that Bitmain has changed its organizational structure in local accounting offices, naming Wu as legal representative and CEO instead of Jean..
Last September, when applying for the IPO registration, Jean was the main owner of the company with a 60% stake, while Wu and Ge Yushen owned about 30%. What events preceded the last role reversal is unclear.
It is known that Mikri Jean was a supporter of the development of high-tech direction of Bitmain’s business, including in the field of artificial intelligence. Jihan Wu is associated with the company’s decision to bet on Bitcoin Cash mining. Bitcoin Cash has gained 11% over the past 24 hours, while the broader cryptocurrency market is near zero this morning.
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