The co-founders of crypto mining machine manufacturer giant, Bitmain, have been locked in a battle for control over the past few months. Co-founders Jihan Wu and Micree Zhan have been in disagreement since October last year when Wu ousted Zhan. However, Zhan regained control of the company earlier this year, but the battle seems to be far from over. In a turn of events, Zhan has been stripped of the Chinese company’s legal representative and executive director position. However, he remains a general manager of Bitmain.
Jihan Wu is now the legal representative of Beijing Bitmain.
According to China’s business registration record that was updated yesterday, Jihan Wu has once again regained his position and become the legal representative and executive director of Beijing Bitmain Technology, the operational entity of Bitmain. Jihan Wu reaffirmed the status update in an announcement published on the WeChat account of Bitmain’s AntMiner brand. He added that Bitmain’s respect for Zhan remains in place despite the ongoing war between the two. The power struggle for Bitmain does not seem to be over yet, as both the co-founders struggle to gain control.
The power struggle has damaged Bitmain’s market shares and its global brand image.
The power struggle in the Chinese company has been dragging on for nearly a year now. However, this latest development suggests that it might have come to a short-term end. The two co-founders have been locked in a power tussle for the past 11 months, and it remains unclear if the battle ends soon. The two sides have a lawsuit in the Cayman Islands, where the parent company of Bitmain resides, and the lawsuit is pending a final verdict. The Chinese bitcoin mining maker had admitted that since the start of the year, management had damaged the company’s market shares and its global brand image.