Bitmain Co-Founders Forgo CEO Positions but Still Hold Decision Making Capacity

Bitmain Co-Founders Forgo CEO Positions but Still Hold Decision Making Capacity

South China Morning Post reports that Jihan Wu and Micree Zhan Ketuan will be replaced by Haichao Wang who has thus far taken over responsibilities in a period of power transition

Wang is presently the lead of product engineering in Bitmain. He once worked in Availink, a Beijing IC company, from 2010 until 2017 where he served as software programmer and as product manager.

Wu, though his Twitter profile no longer indicates his CEO role, has neither affirmed nor opposed the news. On the other hand, Zhan’s profile still displays him as a chief executive officer but no movements have been made in his account since 2017.

Possible Reasons for the Power Shift

It is hypothesized that Bitmain’s grounds for transferring power from Wu and Zhan are the economic consequences of Wu’s support for BCH ABC during the infamous hard fork hash war and the less than stellar development on the company’s initial public offering.

Wu is a vocal supporter of BCH. And changing mining efforts from BTC to Bitcoin Cash ABC might have caused the company to incur significant losses. In addition to this, UnitedCorp filed a lawsuit against the company for suspicion of using specialized techniques to maneuver BCH to their advantage during last year’s hard fork.

Bitmain’s IPO also attracted controversy after DST Global and Tencent rebuffed the news saying they have investing in the IPO.

Out as CEO but has Decision Making Capabilities

SCMP shares that in the Bitmain IPO prospectus the duo holds a bulk of the company’s shares; Wu owning 21% and Zhan 37%. One of the publication’s source states that Wu and Zhan ‘will still make final calls on [the company’s] big decisions.’

BSV

121.44 USD
-4.98%

BCHABC

266.67 USD
-6.81%

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