Jihan Wu news

Jihan Wu is a co-founder of Bitmain and a prominent supporter of Bitcoin Cash.

World latest news

Bitmain CEO Jihan Wu Appears On Forbes’ 2019 Youngest Billionaires List

The crypto market might not be in its best shape right now but some people who got into the industry early were able to make a fortune there. Between these lucky men is Jihan Wu, the CEO of Bitmain, a large crypto mining manufacturer from China. Recently, he was featured in Forbes’ 2019 list for […]
Bitcoin Exchange Guide

Bitcoin.org Co-Owner Cobra Shares Concern on Absence of Bitmain’s Former CEO Jihan Wu on Social Media

The co-owner of Bitcointalk.org and Bitcoin.org, known by a pseudonym Cobra, has expressed his worry about the disappearance of the former Bitmain CEO Jihan Wu from social media. Speaking about the sudden disappearance of Jihan Wu, Cobra said that: I could be completely wrong, but my admittedly low-info Westerner understanding of Chinese business culture is, if your large venture fails, there are serious, dangerous personal consequences. — notsofast (@notsofast) January 21, 2019 Where Trouble Began Jihan Wu has absconded from social media for a while now, leaving the cryptocurrency community worried. Trouble started back in November 2018, when the Bitcoin Cash Community split during the famous Bitcoin Cash hardfork, which saw the blockchain, split between Bitcoin Cash ABC and Craig Wright’s Bitcoin Cash SV. The two factions were not in agreement and had a continued dispute, forcing them to split the coin into two cryptocurrencies – both of which are currently among the top 10 coins according to market capitalization. Continued Woes For Jihan Wu Following the Bitcoin Cash hard fork, market pressure forced the two cryptocurrencies to take a sharp dive to a yearly low. During that time, Jihan Wu was also demoted from the position of director at Bitmain to a supervisor, with resignation rumors surfacing months later. While Jihan Wu remains one of the stakeholders of Bitmain, he is expected to be ousted as the CEO of the company, with a new appointment imminent. Since all these problems came into light, Jihan Wu has chosen to remain behind the scenes, retreating from all social media channels, something that has left many people in the cryptocurrency space worried.
Bitcoin Exchange Guide

Bitcoin.org founder worried about Jihan Wu’s disappearance post Bitmain ousting

Jihan Wu, the former CEO of Bitmain, the Bitcoin mining manufacturer, has absconded from social media leaving the cryptocurrency community worried, especially the co-owner of Bitcoin.org and Bitcointalk.org, known by his pseudonym Cobra. Trouble began brewing back in November when the Bitcoin Cash community was split between Jihan Wu and Roger Ver’s Bitcoin Cash ABC and Craig Wright’s Bitcoin Cash SV. The two factions had a heated dispute, following which the coin hardforked into two new cryptocurrencies, which both currently occupy spots in the top-10 list. Market forces dipped the prices of cryptos to a yearly low following this split. Bitmain also demoted Jihan Wu from director to supervisor in November and in the following months, rumors regarding the resignation of the co-founders Jihan Wu and Ketuan Zhan began to float. Both Jihan Wu and Ketuan Zhan have been under fire since the close of last year. Wu was lambasted by not just Bitmain but the cryptocurrency community for backing Bitcoin Cash, which has been on a bearish spree since the hardfork, with Zhan criticized for his poor diversification decisions. While both Jihan Wu and Ketuan Zhan will still remain a part of the company as stakeholders, Wu will be ousted as Bitmain’s CEO with an appointment imminent. However, since the news of this replacement surfaced, Jihan Wu has retreated from social media, leaving many worried. Cobra, the co-owner of bitcoin.org and friend of Jihan Wu, voiced his concern about Wu’s “sudden disappearance”, stating: “Jihan has disappeared off Twitter. I’m the last person he replied too on here before his sudden disappearance. Very worried about him. I can’t even imagine the stress he’s going through right now. As one human being to another, I hope you’re OK bro.” Some Twitter users are even dwelling on the borders of lewd theories regarding the former Bitmain CEO’s disappearance, with one user stating: “I could be completely wrong, but my admittedly low-info Westerner understanding of Chinese business culture is, if your large venture fails, there are serious, dangerous personal consequences.” Bitmain has not been doing very well since the “crypto-winter” set in. The company’s research and development department based in Israel were cut by 50 percent. They downsized their Bitcoin Cash development team. Furthermore, back in December 2018, Bitmain was served with a lawsuit by United American Corp., on the grounds of hardfork manipulation during the BCH split. Also, in late-November, 2018, miners filed a lawsuit against Bitmain, claiming that the company’s device mined the cryptocurrencies for the benefit on Bitmain rather than the current user. The post Bitcoin.org founder worried about Jihan Wu’s disappearance post Bitmain ousting appeared first on AMBCrypto.
AMBCrypto

Bitmain Allegedly Lines up new CEO to Replace Jihan Wu

There are always some developments taking place behind the scenes of the cryptocurrency world. Although the following rumor has not been officially confirmed by the company in question, it would appear there is some genuine mainstream media attention for this development. It would appear Jihan Wu is stepping down as Bitmain CEO because he is allegedly growing concerned over the company’s financial state. Jihan Wu Allegedly Rethinks his Bitmain Role It has been a pretty interesting year for Bitmain throughout 2018. Although a growing portion of the cryptocurrency community has seemingly taken an adverse stance toward this company, their continued push to develop and ship out ASIC miners shows the cryptocurrency mining ecosystem is still in a good place. Even so, the influx of ASIC miners has also caused a few network disruptions in the process, which is part of why some people are not too pleased with this company as a whole. Despite the overall flack the company has gotten throughout 2018, the big announcement was how Bitmain contemplates filing for an IPO. That in itself is a remarkable decision, although one that would potentially bring a lot more mainstream attention to the cryptocurrency industry as a whole. Unfortunately for the company, there are also some concerns as to whether or not filing an IPO would make financial sense. It now appears – and this is still unconfirmed by Bitmain – that Jihan Wu may consider stepping down as Bitmain CEO. His main concern would, according to some sources, be the “probability of going bankrupt”. That is not a positive outlook for the cryptocurrency industry’s biggest mining hardware manufacturer. It would also put an end to their IPO plans once and for all. One has to wonder why this type of decision would be made at this crucial time for Bitmain. Their gamble to go nearly all-in on Bitcoin Cash may have backfired a bit. After all, it would appear the company has suffered a severe net loss for the year 2018, which can be attributed to many different factors. The overall drop in Bitcoin value also affects their profitability in a major way, although one has to wonder which Bitcoin price the company needs to make a profit in the first place. Until Bitmain or Jihan Wu makes this news official, it is nothing more but a rumor first and foremost. However, it would effectively be quite a catastrophic development for the cryptocurrency industry. Although the bearish year 2018 has claimed many victims – both among speculators and companies laying off staff members – and adding Bitmain to that list would be a big blow. Even so, the cryptocurrency industry can survive without Bitmain, thus things should return to normal relatively quickly. According to SCMP, another founder of Bitmain will step aside from the company in the near future. There is, according to the same outlet, a new Bitmain CEO on the shortlist, which would be none other than Wang Haichao. What all of this means in the long run, remains to be determined. Very little information has been officially confirmed by any party involved. A few interesting weeks lie ahead for the cryptocurrency industry, by the look of things. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. Image(s): Shutterstock.com The post Bitmain Allegedly Lines up new CEO to Replace Jihan Wu appeared first on NullTX.
NullTX
More news sources

Jihan Wu news by Finrazor

Trending

Hot news

Hot world news

Crypto Exchanges Under Fire: DragonEx Hacked, Coinbene Undergoes Sudden Maintenance

Singapore Exchange Loses A Mass Of Crypto Exchanges haven’t had the best start to 2019. Sure, Binance has been doing A-OK with its initial exchange offering (IEO) model, with its resident token rallying past $17, but lesser-known crypto platforms have been suffering. Earlier this year, QuadrigaCX was revealed to have ‘lost’ access to over $150 million worth of Bitcoin, Ethereum, and other assets, as Cryptopia suffered a devastating hack. This facet of the industry’s misfortune has continued, unfortunately enough. According to CoinDesk, DragonEx, a Singapore-based exchange, was hacked. The company announced this unfortunate happening via its Telegram channel, in which DragonEx’s PR staff claimed that funds of users and the platform itself were “transferred and stolen.” DragonEx has yet to divulge the exact details of the crypto assets stolen, including the type and the nominal value. However, the company did post the addresses of the assumed hackers, of which there were about 20 pertaining to a series of assets (Bitcoin, XEM, EOS, XRP, ETC, etc.). From a brief look, a minimum of 135 BTC, 500 Ether, and 4,670 LTC were forcibly yanked from the exchange’s coffers. This, for those who are wondering, racks up to ~$800,000. The full amount hacked, however, could easily be much higher than this sum. DragonEx has purportedly informed a number of local authorities, including those in Estonia, Thailand, Singapore, and Hong Kong, to the attack. Elaborating, the crypto startup wrote: “We’re assisting policemen to do investigation. All platform services will be closed and the accurate assets loss recovery situation will be announced in a week. It was added that the firm will “take the responsibility no matter what.” Coinbene Under Seige? This comes as Coinbene suddenly revealed it would be undergoing maintenance. A tweet from the company claims that it “upgraded the platform wallet… operations such as deposit and withdraw will be affected.” While this is a normal announcement for exchanges across the board, Coinbene’s session came straight out of left field, leading to ramping speculation. Nick Schteringard posted the below message in a bid to draw suspicion to the exchange’s Ethereum wallets, which sent out a mass of ERC-20 tokens yesterday. Some strange activity spotted on #Coinbene. Users report that #ETH wallets were hacked and attach these two addresses. https://t.co/f5NxvfscSC https://t.co/S1WnwI8CUx #bitcoin #exchange— Nick Schteringard (@schteringard) March 26, 2019 Coinbene’s ongoing imbroglio comes after Bitwise Asset Management, an American crypto-centric investment services provider, targeted the exchange in its scathing report on fake Bitcoin trading activity. As reported by Ethereum World News previously, Bitwise drew attention to “suspicious exchanges” such as the little-known CoinBene to back its report. CoinBene purportedly utilizes “trade printing” between the bid and ask prices, hinting that there could be an automated system behind much of the trades. Thus, some have concluded that this sudden period of maintenance could be the platform’s bid to rectify bots and other bad actors. Photo by Markus Spiske on Unsplash The post Crypto Exchanges Under Fire: DragonEx Hacked, Coinbene Undergoes Sudden Maintenance appeared first on Ethereum World News.
Ethereum World News

Japanese E-Commerce Giant, Rakuten, Gets Nod of Approval by FSA to Launch Crypto Exchange

Rakuten, the e-commerce giant and Japan's Amazon has completed the registration of its cryptocurrency exchange Rakuten Wallet that will be going live next month, as per the press release of the company on March 25. The official announcement reads: “We are pleased to announce that our registration with the Kanto Finance Bureau has been completed […]
Bitcoin Exchange Guide

$3.4M Huobi Prime Sale Shows Investor Enthusiasm Remains High

Huobi Prime successfully completed its first initial exchange offering (IEO) on Huobi Prime this afternoon. The sale concluded in a matter of seconds, and raised $3.4M – proving that investor enthusiasm for the new token sale format isn’t confined to Binance Launchpad. TOP Network, a blockchain-based messaging service, was the first project featured on the new platform. More than 1.5bn TOP tokens were sold, around 7.5% of the total supply. The token was made available for trading almost immediately, and at the time of writing was exchanging hands at a multiple of around four times the asking price. The sale comprised three funding rounds, each offering larger quantities at a slightly higher asking price than the last. Although each round was set to last 30 minutes, each round was heavily oversubscribed and finished within seconds of opening. The first round completed within seven seconds. Huobi only announced its new Prime feature last week, as Crypto Briefing reported. Unlike the first few sales on Binance Launchpad, which were open to the general public, Huobi requires eligible participants to hold 500 Huobi Tokens (HT) – used to purchase tokens – at least 30 days prior to the sale. As Ross Zhang, Huobi’s head of marketing said at the time, this was to ensure the exchange gave equal opportunities to investors who were “involved and invested in our ecosystem”. Binance announced Sunday that Launchpad sales would now feature a new lottery-based format to its token sales. Better Protections For Investors… Unless Conflicts Arise? What makes IEOs interesting is that they tweak the token sale model. Instead of direct transactions between investors and projects, the exchange itself forms the counter-party. Participants must register and create an account on the platform, and this requires them to first pass KYC/AML checks. It’s also within the best interests of exchanges to ensure sales are full compliance. It’s their necks on the line and this means they are likely to carefully vet projects first. As Huobi said in its initial announcement, tokens must first pass a “[r]igorous screening and selection processes to ensure only premium projects that have yet to be listed on any major exchange are included.” Binance upgraded its own KYC/AML procedures today. Other exchanges are also looking at the IEO model, and despite a failure to launch with their first effort, Bittrex is seeking to offer VeriBlock as its next attempt. The VeriBlock project, which counts Bittrex CEO Bill Shihara as an advisor, would be valued at over $200M if the sale is completed successfully. Bittrex includes a disclaimer on its website explaining that as a result of Shihara’s dual role, “Bittrex holds a customary minority equity position in an affiliate of the sponsor of the VBK Coin Initial Exchange Offering, and will indirectly benefit from the successful completion of the Initial Exchange Offering.” Whether this discourages investors remains to be seen. Few would have thought three months ago that sales such as BitTorrent (BTT), Celer Network (CELR) and now TOP Network would have been possible. KuCoin’s Spotlight platform will be hosting its first token sale next week. Is an IEO season upon us? The author is invested in digital assets, but none mentioned in this article. Join the conversation on Telegram and Twitter! The post $3.4M Huobi Prime Sale Shows Investor Enthusiasm Remains High appeared first on Crypto Briefing.
CryptoBriefing

Why the New ‘Apple Card’ Credit Card Doesn’t Compete With Bitcoin

The Apple credit card launches this summer. Here’s why it nothing like Bitcoin and is more underwhelming than a utility token with no use-case. Apple Announces Credit Card Apple has long been revered as the world’s most innovative company. There’s no denying that the smartphone changed the way billions of people around the world live their lives forever. But it’s time for the trailblazing tech company to wake up and smell the roses. While Apple was releasing one carbon-copy product after another at higher and higher prices, the competition was busy doing the opposite. Now the high-end, high-priced tech manufacturer is scrambling to hold its own in a rapidly evolving market. And with the launch of its underwhelming Apple Card, there’s something sad about the stench of its desperation. Apple Card vs Samsung’s Built-In Bitcoin Wallet Apple’s largest competitor apart from the slew of cheaper Chinese products is undoubtedly Samsung. The South Korean giant hasn’t had an easy ride either with equally pricey products getting undercut left and right. But as one large company embraces the future, its flagship Galaxy S10 coming with a built-in Bitcoin wallet, Apple’s response is disappointing, to say the least. Rather than acknowledge the cryptocurrency revolution, and appeal to a younger market, the smartphone manufacturer aims to ‘disrupt’ the credit card industry. Isn’t that the wrong pool to be swimming in? The revolution won’t come in the form of borderless transactions since it’s only available in the United States. It also won’t be peer-to-peer, eliminate centralized institutions, or greatly reduce fees. Although its interest rates will be: Among the lowest in the industry Mind. Blown. Apple’s game plan is more about additional security of payments, no annual or foreign transaction fees, and the fact that (wait for it) its partner Goldman Sachs will never sell your data for marketing. You can even buy yourself a coffee on the Goldman Sachs blockchain. You just have to trust Apple and Goldman Sachs to do so. It’s a Custodial Hardware Hot Wallet The Apple Card will come built into the iPhone’s Wallet App, which effectively makes it a custodial hardware hot wallet for USD. Apple claims they will never track your transactions, and all the information will be held on your device. Users can request a laser-etched titanium card, should they be so inclined, although, there seems to be little point in that. In fact, why even offer a traditional card for a wallet the company wants you to get rid of in the first place? If you’ve failed to be bowled over by so much innovation so far, there’s more. Users can track their spending on their phone through a user-friendly app. You Have to Trust Goldman Sachs In the wake of major gaffes by tech companies like Facebook and Google, Apple is pushing its next-generation security and privacy features. The centralized entity will not track your transactions and Goldman Sachs (the other centralized entity) has agreed not to sell user data. Explosive stuff compared to a decentralized alternative financial system which requires no intermediaries at all. Increased adoption of Apple Pay? Perhaps. A revolution in finance? It’s just as well Cook wasn’t speaking at a Bitcoin conference, the audience would have walked out in droves. Steve Jobs Would Have Had Bitcoin in iOS by Now Apple Card seems like a desperate bid to push Apply Pay onto the people rather than let them to choose how they manage their finances. CEO Tim Cook enthused that the card was: The most significant change in the credit card experience in 50 years. Exactly where has he been lately? Steve Jobs would have Bitcoin integrated into iOS by now.  The aim of the game is presumably to bump up the adoption of Apple Pay in partnership with market leaders MasterCard and Goldman Sachs. Two giant financial institutions that will hardly feel the pinch from Apple Pay and its meager card. There are no real tangible benefits for users of the card beyond a few outstandingly mundane offers. For example, paying for Apple products with your built-in Apple Card gets you a whopping 1-3% cash back on purchases. So what is Apple thinking entering an already saturated market that swathes of people are trying to overthrow? Once on the cutting-edge of innovation, Apple now seems to be extremely myopic when it comes to the future. What do you this of this new credit card? Will it undermine payment-focused cryptocurrencies with low fees? Share your thoughts below! Images via Shutterstock The post Why the New ‘Apple Card’ Credit Card Doesn’t Compete With Bitcoin appeared first on Bitcoinist.com.
Bitcoinist
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.