{"id":163487,"date":"2021-01-26T21:17:13","date_gmt":"2021-01-26T18:17:13","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitmain-ceo-announces-departure-in-the-most-crypto-way\/"},"modified":"2021-01-26T21:17:13","modified_gmt":"2021-01-26T18:17:13","slug":"bitmain-ceo-announces-departure-in-the-most-crypto-way","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitmain-ceo-announces-departure-in-the-most-crypto-way\/","title":{"rendered":"# Bitmain CEO announces departure in the most crypto way"},"content":{"rendered":"

“# Bitmain CEO announces departure in the most crypto way <\/strong>”
\n<\/p>\n

The power struggle between Bitmain co-founders Micree Zhan and Jihan Wu app<\/a>ears to be at an end. In a tweet<\/a> on January 26, Wu announced his decision to step down from the company.<\/p>\n

The now former CEO and Chairman of Bitmain sent out an encrypted farewell message to his followers, announcing that the long-standing disagreement between ousted co-founder Zhan and himself had been settled in an \u201camicable\u201d and \u201cconstructive\u201d manner.<\/p>\n

\u201cI have resigned from the CEO and Chairman of Bitmain as of today,\u201d said Wu, after working at the firm for almost eight years.<\/p>\n

As part of the agreement, Zhan has purchased roughly half of Bitmain\u2019s shares from Wu and others for $600 million. The Bitmain co-founder reportedly obtained a $400 million loan from the crypto mining giant and \u201ccommitted to raise another [$200 million] from outside of the group.\u201d<\/p>\n

According to Wu, Bitmain had $327 million in fiat cash holdings as of Monday, \u201ctwice higher than what is required by the preferred shareholders in order to close this settlement.” He reported Bitmain\u2019s financials as \u201cstrong and healthy\u201d and unlikely to be affected by the loan to Zhan.<\/p>\n

Wu will not be leaving the crypto industry entirely, however. He noted as part of the settlement with Zhan, the firm\u2019s contract cloud mining service Bitdeer will be \u201cspun off from Bitmain\u201d with Wu becoming chairman. Zhan will lead the crypto mining group Antpool as soon as it\u2019s \u201cspun off into an independent company.\u201d<\/p>\n

Today\u2019s settlement comes after a long struggle between the two crypto mining giants. Zhan and Wu reportedly reached a $600 million settlement in December with Sequoia Capital acting as the middle regulator after Zhan initially offered to buy Wu\u2019s and others\u2019 Bitmain shares for $4 billion in June.<\/p>\n

The corporate feud seemingly began with Wu forcing Zhan out of Bitmain in October 2019. At the time, Zhan was the firm\u2019s biggest shareholder \u2014 he later referred to Wu\u2019s actions as an \u201cillegal power seizure.\u201d <\/p>\n

After Zhan was ousted, Bitmain went on the offensive, publicly stating he had no right to act as a legal representative of the mining giant or issue notices and instructions to company employees. There were also reports of legal action against Zhan.<\/p>\n

The Bitmain exec struck back in a few ways before today\u2019s final settlement. He launched two lawsuits against Bitmain\u2019s various entities in an attempt to regain his position. He accused Wu of spreading rumors, sending a group to steal a physical copy of his business license, and hiding company assets. Zhan also allegedly took over the company\u2019s Beijing office in May with a team of guards.<\/p>\n

Bitmain was worth nearly $12 billion in August 2019 before this fight for control impacted leadership, manufacturing, and media<\/a> coverage of the crypto mining giant. Wu\u2019s message indicates that Bitmain still plans to \u201cgo for an IPO,\u201d though the firm\u2019s original attempt at an initial public offering filed in September 2018 was unsuccessful.<\/p>\n