Bitmain's Board Makes Decision Ousting Co-Founder Ketuan Zhan
Geoffrey Gardiner Oct 29, 2019 08:45
Bitmain has changed its company structure in the registration filing with government agencies. Leading to Wu becoming executive director and legal representative of the company.
As reported by Utoday, crypto mining giant Bitmain ousts its co-founder and executive director after Jihan Wu, another co-founder and now chairman, sent an email announcing Ketuan Zhan would be dismissed from his position.
Zhan, a major stakeholder holding 36.5% of the company will immediately stop all operating and internal procedures. This announcement comes with shock to employees of Bitmain.
Bitmain has changed its company structure in the registration filing with government agencies. Leading to Wu becoming executive director and legal representative of the company.
It is not clear if Zhan's 36.5% was bought out and liquidated by other members of the board, but as of writing there has been an immediate reaction in the price of Bitcoin Cash, climbing more than 10% in value.
Wu is known as a strong follower of the Bitcoin fork, while Zhan was against Bitmain's heavy involvement, which is why we may be seeing this climb.
In recent years, Wu has been growing into the crypto space, so it is no surprise that the billionaire is continuing his forward march. With Bitmain and Wu branching out into more than just software, the take over of mining in hardware and the cloud are all on the table. Wu surely has more plans for Bitmain, aiming to make it the world's global business for hardware in crypto.
Image via Shutterstock
Image source: Shutterstock
