Bitmain Co-Founder Jihan Wu Loses Govt Ability in Board Reshuffle, Says Chinese Media

Cryptocurrency commentators are eyeing Bitmain Nov. 13 immediately after Chinese industry media outlet Sanyang Blockchain noted a board reshuffle experienced resulted in co-founder Jihan Wu currently being unable to influence corporate selections.

Citing an unnamed “financial news” resource, Sanyang quotes a law firm for Bitmain, Tian Yangang, expressing that as a consequence of the redistribution of positions at the company’s govt board, Wu had been demoted from being a “director” to a “supervisor.”

“After modifying to a supervisor, there are no voting rights, so [Wu’s] electrical power is lesser and [he] are not able to participate in the business enterprise choice-building of the business,” a tough translation of his reviews reads.

The news will come 3 months right after Bitmain received a $18 billion valuation ahead of designs to launch an IPO.

The move has observed Bitmain court docket controversy around its economic wellbeing, with speculators thinking of the company’s huge Bitcoin Income reserves as one of numerous probable sticking factors.

Wu at the moment owns a 20.25 p.c stake in the Bitcoin mining giant, which released its most up-to-date mining hardware, the Antminer S15 and T15, past week.

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