Jihan Wu resigns from Bitmain! Jihan Wu resigns from Bitmain, confirming a rumor that has swirled since December of 2029. Jihan Wu and Micree Zhan have reached a settlement that finally ends the power struggle at Bitmain headquarters.
He announced his resignation via an encrypted letter – he posted the key on Twitter.
His letter begins by saying, “The disagreement between Micree and myself, the two co-founders of Bitmain, has been finally settled in an amicable and, more importantly, a constructive manner. I have resigned from the CEO and Chairman of Bitmain as of today.”
To settle the dispute, Micree Zhan purchased roughly $600 million dollars worth of Bitmain shares. “In order to complete the share purchase, Micree obtained a loan of US $400m from Bitmain while he committed to raise another US $200m from outside of the group,” says Wu in his encrypted letter.
Wu has also confirmed that Bitmain will be unraveling its business – separate entities will be created from the breaking up of Bitmain. Although he will be resigning from Bitmain, he’s confirmed that he will still be the chairman of Bitdeer, a mining operation that is spinning off of Bitmain. “Antpool will soon be spun off into an independent company to be led by Micree”.
Micree Zhan and Jihan Wu have been fighting for quite some time – this resolution has been a long time in the making. They’ve fought constantly for control, with Jihan Wu using physical force to steal a government granted license from Micree Zhan. Micree Zhan has accused Wu of stealing over 10,000 mining machines from him.
With rumors of actions that display a wish to take the company public in the future, the resolution of this power struggle is for the greater good for the company and raises their prospects for their long term future.
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