Bitmain Restructured Board of Directors Ahead of IPO

Bitmain Restructured Board of Directors Ahead of IPO

A securities authority said the restructuring occurred in Beijing Bitmain Technology Co., Ltd. (the subsidiary), to meet listing regulation requirements and to simplify the board for the company’s upcoming IPO

The change happened on November 7, last week, just a day before the release of the company’s new Antminers, according to 8BTC.

A temporary Bitmain stock ticker was seen on the HKEX (Hong Kong Exchanges) on November 5. Many were speculating this signaled that Bitmain’s IPO application was approved.

Four out of six directors relinquished their positions to make way for new members. The four who resigned are Zhao Yifeng, Ge Yuesheng, and Zhou Feng. While Hu Yishuo resigned from the board of supervisors.

Jihan Wu

Bitmain Co-founder, Jihan Wu, also resigned from the board as executive director. He now assumes the position of supervisor, with no voting power.

As a director, Jihan had the right to vote when the board makes decisions. However, after changing to a supervisor, his power becomes smaller that he can no longer vote. As thus, Wu will be unable to participate in the business decision-making but only serve as a supervisor.

Tian Yangang, Bitmain Lawyer

Wu is replaced by Zhan Ketuan.

Bitmain and Bitcoin Cash

Bitmain positioned 90,000 miners in China’s Xinjiang region, at the same day as the board restructure, allegedly to increase hash power for the upcoming Bitcoin Cash hardfork anti BCH SV.

Wu is an avid supporter of BCH ABC and is unfavorable of BCH SV.

There is one day left before the BCH ABC upgrade. And with Wu out of Bitmain’s board, the question remains on whether Bitmain will still be uncompromising in their support for the said ‘official’ Bitcoin fork.

BCH

108.88 USD
10.74%

BCHABC

103.44 USD
0.00%

Related news

Cherry on Top: Bitcoin ABC, Bitmain, Ver Target of Suit Following BCH Split

As if the drama surrounding the recent Bitcoin Cash split needed a sequel, the vaudevillian sideshow has reached a new stage: the legal arena.A suit spearheaded by United American Corporation (UnitedCorp), a telecom company with a little-known blockchain subsidiary, BlockNum, is taking legal aim at Bitmain and its cofounder Jihan Wu; Bitcoin.com and its CEO, Roger Ver; Kraken and its CEO, Jesse Powell; and others. The suit “is seeking injunctive relief,” alleging that the defendants engaged in “collusion for the purpose of control of the [Bitcoin Cash] network.”The suit indicates that it was filed on behalf of the plaintiff, UnitedCorp, and was launched on December 6, 2018, in the U.S. District Court for the Southern District of Florida.“We are bringing this suit on behalf of UnitedCorp because we believe strongly in the value and integrity of democratic, distributed and decentralized blockchain networks which will become more important with time. In order to maintain confidence in cryptocurrencies such as Bitcoin Cash, no person or entity can be allowed to control them,” Benoit Laliberte, president of UnitedCorp, stated in a press release.An Attempt to ControlThe lawsuit claims that during the recent November 15 Bitcoin Cash split, the defendants acted in unison to hijack the network and force an undemocratic protocol change.“This action involves a scheme by a tight knit network of individuals and organizations to manipulate the cryptocurrency market for Bitcoin Cash, effectively hijacking the Bitcoin Cash network, centralizing the market, and violating all accepted standards, protocols and the course of conduct associated with Bitcoin since its inception,” the lawsuit reads.An accusatory presentation entitled “Anatomy of a Fraud on the Bitcoin (Bitcoin Cash) Network” delves into the specific injunctions of each defendant. Notably, it claims that the defendants colluded with China, “operating with the support of the Chinese government to centralize the Bitcoin Cash network resulting in Chinese entities now having established dominance over this important segment of the cryptocurrency market with proprietary software checkpoints and instituting other means of control over the system.”Defending its bold allegation, the document suggests that given its ongoing trade war and economic disputes with the U.S., China has a vested interest in “[controlling] the economy of the future through increasing control of the [Bitcoin Cash] digital currency network.” It goes on to say that the China International Capital Corporation (CICC) — what amounts to China’s central bank — holds the exclusive mandate to Bitmain’s forthcoming IPO, using this as ostensible evidence for Bitmain and the Chinese government’s ties.The document continues to outline Jihan Wu and Bitmain’s alleged culpability in this conspiracy, indicating outright the weight that Bitmain’s mining pools carry in both the Bitcoin and Bitcoin Cash networks. Specifically, it accuses Wu and his mining firm of “renting” hashpower from Bitmain mining pool contributors without their consent and redirecting some 90,000 ASICs to the Bitcoin ABC network in an effort to strongarm competitor Bitcoin SV’s hashing power.Moving on to Bitcoin.com, CEO Roger Ver and communications ambassador Sterlin Lujan, the document highlights some seemingly extraneous yet potentially prejudicial facts about Ver’s life and cryptocurrency career, specifically his political affiliation as a libertarian/anarchist and his alleged involvement in the Silk Road. The document doesn’t make any overt accusations against Ver, only implicating him via his connection to Bitmain and Wu and Bitcoin.com’s mining support for Bitcoin ABC.The presentation also targets Bitcoin ABC and its main developers, Amaury Sechet, Jason Cox and Shammah Chancellor, alleging that the Bitcoin ABC hard fork was “more than a benign network upgrade.” According to the document’s rationale, the upgrade’s primary components, namely the addition of an OP code for smart contract oracles and modification of checkpoints (a.k.a. deep reorg prevention) — which the plaintiff has called a “poison pill” elsewhere — were added after the fork and could set the stage for network centralization and manipulation.“Combining this change with the hashing power of Bitcoin ABC backers amounts to centralization. They will be able to override any consensus reached by the rest of the network, forcing others to conform or create an unwanted hard fork,” it states.On its final page, the presentation targets Kraken and its CEO, Jesse Powell, for supporting Bitcoin ABC’s implementation over Bitcoin SV’s and issuing caveats against the latter’s legitimacy.Turning Back the ClockThe nucleus of the plaintiff’s argument centers on the allegation that the Bitcoin ABC camp and its supporters manipulated the Bitcoin Cash network during the November hard fork to artificially create a longer chain than Bitcoin SV.Hashpower that was previously employed to mine on the Bitcoin network was one of the camp’s primary tools during the split, and the temporary boost in hashing power let Bitcoin ABC supporters hijack the Bitcoin Cash network, the plaintiff claims.With these claims in mind, the filing charges the defendants with violating the Sherman Act (a federal act that bans monopolistic business dealings), equitable estoppel (a defensive doctrine that one party can invoke when they’ve been coerced into acting a specific way) and negligence, among others.In response to the following charges, the plaintiff is seeking restitution and disgorgement of the defendants’ assets, and it’s also asking that the Bitcoin ABC team be barred from implementing checkpoints on the protocol and for the court to dial back the recent upgrade.“Plaintiff seeks an injunction: (a) precluding Amaury Sechet,  Shammah Chancellor, and Jason Cox via Bitcoin ABC from continuing to implement checkpoints on the Bitcoin Cash network and any other implementation of the software that would prevent the resulting chains from being able to be re-merged; and (b) requiring them to return the blockchain to its previously decentralized form with the previous consensus rules,” the filing reads.While “[returning] the blockchain to its previously decentralized form” is ambiguous, “with the previous consensus rules” seems to imply that the plaintiff is requesting that the court dial back the network to its previous state before the November 15 hard fork. This would require a complete network rollback, so the request is tinged with irony given the plaintiff’s complaints of Bitcoin ABC’s alleged manipulation and centralized practices. A (Messier) Mess in the MakingAt any rate, the lawsuit will only augment the furor that has surrounded the November split.On the eve of the split, Craig S. Wright, Bitcoin SV’s front man, seemed to forecast the coming legal troubles. He tweeted that his side would help any miner in Bitcoin.com or Bitmain’s mining pools “start a long messy class action” if either organization redirected Bitcoin hash power to Bitcoin cash during the split.Some Bitcoin Cash supporters have taken Wright’s words as an admission of guilt. Vin Armani, CTO at CoinText, for example, insinuated that the Bitcoin SV camp (and its primary proponents, Craig S. Wright and Calvin Ayre) is behind the lawsuit, calling UnitedCorps a “shell company.” I'm not sure if there has been a more petty and lame move in the history of Bitcoin. The fact that this lawsuit was filed via a random OTC shell company is... wow!There's being a loser... and then there's this.I guess "miners choose" is actually "US federal judges choose." https://t.co/dvO8n78WuB— Ⓥin Ⓐrmani (@vinarmani) December 6, 2018 https://twitter.com/vinarmani/status/1070752064765132810Chris Pacia, an OpenBazaar developer, has echoed Amrani’s sentiments. In a separate tweet, he claims that the lawsuit proves that Ayrehat Calvin Ayre, who owns Bitcoin Cash mining pool and news site CoinGeek, used his mining pool to mine a hidden chain on the Bitcoin ABC network, something that ABC’s checkpoint implementations quashed. “After this lawsuit I’m now certain Calvin was mining a hidden chain to reorg BCH that he had to abandon when the checkpoint was announced,” the tweet reads. Pacia continues to reprimand the action as “malicious,” saying it also “shows [the Bitcoin SV group lacks] even basic knowledge about the codebase of the chain they were trying to take over.” This article originally appeared on Bitcoin Magazine.
Bitcoin Magazine

This Week in Crypto: Never-Ending Bitcoin Cash Drama & a[nother] Blockchain Phone

The Bitcoin price grabbed the headlines this week, once again plunging to a new yearly low and placing the crypto market on the brink of sinking below the $100 billion level for the first time in 2018. However, there was much more than price action afoot, and, per the usual, much of it involved drama The post This Week in Crypto: Never-Ending Bitcoin Cash Drama & a[nother] Blockchain Phone appeared first on CCN
CCN

This week in Crypto: Coinbase, SEC, BCH, Tron, XRP, Bitcoin, SWIFT, Nasdaq

The “crypto week” 2 to 8 December was another bloody week for cryptocurrencies. Bitcoin the leading cryptocurrency dipped below $3,500 and has been at that level for the past few days. Ethereum also went below $100 after the brief recovery the market experienced. Apart from the crypto crash relapse, many other events unfolded, the best of which we have selected for you in the roundup. Coinbase considers listing 30 new tokens Coinbase, the major crypto exchange and wallet provider announced its plans to list 31 new tokens including XRP and Stellar XLM. the company made the announcement on its official blog on Friday, December 7, 2018. According to Coinbase, the selected crypto assets for the listing are those that share the company’s mission of providing an “open financial system for the world.” SEC The crypto community has been expecting an ETF approval to help rescue the Bitcoin market. However, the SEC decision which was to be made known by the end of October is not forthcoming. Following the deadlock, Jake Chervinsky, a lawyer and crypto enthusiast sees a ray of hope for a Bitcoin ETF. He said SEC cannot afford to postpone the approval of the VanEck/SolidX Bitcoin ETF proposal any longer and may have to give its approval by February 2019. Gabur Gurbacs, Director of Digital Assets Strategy at VanEck also has high hopes that the approval will be granted by the February deadline. BCH Fork Bitcoin Cash (BCH) has been struggling to stay afloat before and even after the BCH hard fork. The Bitcoin SV fork, however, has been recently riding the bull wave with an astonishing increase in market price. BCH may not be catching up with the BSV fork anytime soon as the latest crypto asset ascended to the 5th spot on the list of cryptocurrencies, occupying the position for a while. That was a sign that BSV may soon come to stay because BCH doesn’t seem to be making headway. Tether is also at risk of being overtaken unless the market turns around to favor it so that it either continues to retain its market capitalization or increase to retain its vulnerable position. TRON Tron is full of surprises. With its many innovative programs, the company has forged ahead is has the potential to lead in the decentralization of the internet. This week, the Tron token TRX took the 10th position as the tenth largest cryptocurrency by market capitalization. Tron has been competing with Ethereum since it became an independent network in June 2018. CEO of the company Justin Sun is optimistic that the company will soon go even higher up the market cap ladder. Also within the week, Sun in a tweet promised to build a rescue fund for Ethereum and EOS developers if they agree to migrate their dapps to the Tron network. He believes the two platforms are broken but he will help them to fix it if they will only use the Tron network for their dapps. Some respondents to Sun’s tweet don’t believe Tron is any better than Ethereum and EOS so he shouldn’t claim to have a solution. The crypto community will be watching to see if the two networks will agree to migrate their dapps to Tron. XRP XRP saw significant adoption within the week following its listing as the first token on R3 Universal Payment Settlement, CorDapp. CorDapp, a decentralized application that operates on the Corda blockchain works on any payment platform that transfers funds between institutions or individuals. Since XRP company Ripple is an effective payment processing company and XRP itself is used in payments, this will be a great milestone for the company and will further encourage its adoption and acceptance for payment remittances in the global market. Bitcoin Although the crypto community may have given up on cryptocurrencies and rightly so at least for the year 2018, some experts still see hope for Bitcoin in the short term. Panelists at finder.com, a personal finance comparison website see a rebound of over $6,700 by January 2018. The panelists also made some great predictions about Stellar XLM and Cardano (ADA), saying both assets will see a 100% increase before the year runs out. The panelists also made predictions about ETH which is to gain 35%, XRP to gain only 3% while TRX is 12%. Other altcoins are Litecoin (LTC) which is to lose 13% while Binance Coin (BNB) is to lose 32%. Also, the bitcoin whales blew their cover this week with one user transferring $257 million worth of Bitcoin from an address that has remained inactive for a long time. The amount transferred is a significant amount considering the current market condition which is not surprising as the wallet is said to be one of the most loaded in the entire crypto space. Luckily for space, the transfer was not made to an exchange because this would have worsened the already existing decline. However, the destination to which the funds were sent is still unknown. SWIFT In a bid to compete favorably with Ripple the cryptocurrency payments giant, SWIFT, the world’s leading payment organization has adopted blockchain to facilitate easy payments to ensure timely transactions. The electronic blockchain based payment system is hopefully going to help SWIFT eliminate delays in transactions. Several users of the platform had requested for an upgrade to enable them to make fast payments. The system will not only make payment easier but will also facilitate easy access to APIs of financial institutions for easy account verification and timely disbursement of funds. Nasdaq Nasdaq has restored some hope for Bitcoin as it confirmed the listing of Bitcoin futures on its platform. The Vice President of the company Joseph Christinat announced this saying Nasdaq has deliberated on the decision for some time but has finally approved it despite the current market condition. Hopefully, this listing will help to revive the Bitcoin market and the entire cryptocurrency market by extension. The post This week in Crypto: Coinbase, SEC, BCH, Tron, XRP, Bitcoin, SWIFT, Nasdaq appeared first on ZyCrypto.
ZyCrypto

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.