Jihan Wu news

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

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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.

Jihan Wu Steps Down as Bitmain CEO, Chinese Media Reports

Jihan Wu, the successful businessman who turned Bitmain into an empire in the world of crypto-mining, is about to reach the end of his career as CEO of that company. According to an article published by the South China Morning Post, the Bitmain board of directors would have decided to relieve Jihan Wu and Ketuan Zhan of their positions as heads of the company. Everything seems to indicate that the potential successor of the two will be Haichao Wan, who currently serves as product engineering director. Although the information was made public recently, an unidentified source stated that Mr. Wan had already taken over Jihan and Ketuan Zhan’s responsibilities on a transitory basis since December. Although the company has maintained a strict level of secrecy, the probable cause of this movement could have been the substantial economic losses generated by Jihan Wu’s management after the unfortunate decision to support BCH in the famous hash war switching mining power from BTC to BCHABC. In addition to this bad decision, the failure of Bitmain’s IPO development at the end of last year could also have generated a bad image for Jihan Wu, who could not keep the company afloat in the bearish times of 2018. Despite leaving their current positions, Jihan Wu and Ketuan Zhan will continue to work with Bitmain, assuming other managerial tasks. The company has refused to provide further information on what the new roles of its former directors will be. Wang Haichao could not be contacted to give his opinion either. The SCMP explains that Wu and Zhan still have significant shareholdings in the company and are therefore unlikely to withdraw completely: “Wu and Zhan, who founded Bitmain in 2013, hold 21 percent and 37 percent of the company respectively, according to the IPO prospectus. Under a dual-class share structure, they both have 10-1 voting rights over ordinary shareholders.” Although Jihan Wu has not confirmed – nor denied – the rumors, his bio Twitter no longer describes him as CEO of the famous company. Micree’s bio still shows him as CEO; However, he has not tweeted since 2017 The post Jihan Wu Steps Down as Bitmain CEO, Chinese Media Reports appeared first on Ethereum World News.
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Bitmain Replacing CEO Jihan Wu

Bitmain – the world’s leading maker of cryptocurrency mining rigs, is set to appoint a new Chief Operating Officer. The co-founders of the company Jihan Wu and Micree Zhan Ketuan, are stepping down from day-to-day affairs.  Abandon Ship According to the South China Morning Post, the world’s biggest bitcoin mining rig maker has made substantial changes in its senior management. Citing anonymous sources familiar with the matter, the outlet reports that both Wu and Zhan will quit handling day-to-day business activities at the company. Their successor is reportedly a product engineering director at a company based in Beijing – Wang Haichao. While no formal statement has been made yet, the sources reveal that Wang has already taken duties over from both Zhan and Wu. Prior to Bitmain, Wang was working at a semiconductor design house called Availing from 2010 to 2017. He’s a graduate from what’s considered to be China’s MIT – Tsinghua University. Bear Market Taking its Toll 2018 has seen the entire cryptocurrency market shrink to about $127 billion from its all-time high value of more than $800 billion at the beginning of the year. This has seemingly taken its toll on industry proponents. Bitmain has been recently reported to lay off half of its staff in 2019. According to a spokesperson at the company, however, this represents some sort of an “adjustment”: There has been some adjustment to our staff this year as we continue to build a long-term, sustainable and scalable business. A part of that is having to really focus on things that are core to that mission and not things that are auxiliary. It’s also worth noting that Bitmain has also Twitter account Samson Mow (@Excellion) recently shared that the company has laid off the entire Copernicus team (the team responsible for developing Bitcoin Cash GO client). Bitmain has quietly laid off their entire Copernicus team (#Bcash GO client). Only 1 week notice. Some had just joined the company. Layoffs just in time for Christmas. #BitmainIPO @HKEXGroup @SCMPNews pic.twitter.com/Kt2Ce90sBW — Samson Mow (@Excellion) December 23, 2018 What do you think of Bitmain’s current condition? Don’t hesitate to let us know in the comments below! The post Bitmain Replacing CEO Jihan Wu appeared first on Live Bitcoin News.
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Bitcoin Brief - Bitmain Fires Jihan Wu as CEO & Lightning Update

@ToneVays https://twitter.com/ToneVays Website: https://ToneVays.com Bitcoin Conference & Poker Tournament http://Unconfiscatable.com Upcoming Workshops: https://tonevays.com/workshop Learn Trading: https://tonevays.com/learntrading Topics: https://www.scmp.com/tech/policy/article/2181392/bitmains-two-founders-step-aside-chinese-cryptocurrency-giant-taps https://techcrunch.com/2019/01/09/bitmain-is-reportedly-getting-a-new-ceo/?utm_source=tuicool&utm_medium=referral https://medium.com/@ShapeShift.io/overcoming-shapeshifts-crypto-winter-and-the-path-ahead-73f59bb8cf13 https://twitter.com/YobitExchange/status/1083044355340976128?s=19 https://www.bitrefill.com/thor-lightning-network-channels Audio Podcast: https://itunes.apple.com/us/podcast/the-tone-vays-podcast/id1390209454?mt=2 Please Support via Affiliate Codes: Trading View: http://tradingview.go2cloud.org/aff_c?offer_id=2&aff_id=4905&url_id=3 TorGuard VPN 50% off code & link = tone50: https://torguard.net/aff.php?aff=3782 See Regulation overview in each state here: https://www.carltonfields.com/state-regulations-on-virtual-currency-and-blockchain-technologies/ Useful Bitcoin Sites: Full Node Set Up: https://bitcoin.org/en/full-node Lightning Node Set Up: https://medium.com/lightning-power-users/windows-macos-lightning-network-284bd5034340 Mempool: https://dedi.jochen-hoenicke.de/queue/#1w Useful Charts: http://charts.woobull.com/ State Regulations: See Regulation overview in each state here: https://www.carltonfields.com/state-regulations-on-virtual-currency-and-blockchain-technologies/ Tone Vays is available for Corporate Consulting at the rate of 0.3 btc per hour. Please email Tone@protonmail.ch for additional info.
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Bitmain Replaces CEO Jihan Wu After Bitcoin Cash Gamble Fails

Inside sources say that Bitmain Technologies plans to name a replacement CEO to take over from co-founders Jihan Wu and Ketuan Zhan. New Bitmain CEO According to the South China Morning Post (SCMP), the Bitcoin mining behemoth is looking to name a new CEO to replace the company’s co-founders. Anonymous sources say, Haichao Wang, the current Engineering Director is the front-runner for the job. Jihan Wu While there is no official word from Bitmain, these sources say the company entered a leadership transition period in December 2018. Back in November 2018, Bitcoinist reported Wu’s demotion from director to a supervisor. Also, in late December 2018, reports broke out in Chinese media of the imminent resignation of both Wu and Zhan. There is also no definite timetable for the completion of the leadership reshuffle. Sources indicate that both Wu and Zhan will become co-chairs of the company. The new CEO will handle the daily administration of the firm while the pair will still have the final say on big decisions. According to SCMP sources, both Wu and Zhan had disagreements as co-CEO. Wu, in particular, has come under intense criticism for the company’s bet on Bitcoin Cash. Zhan, on the other hand, has led Bitmain’s diversification efforts, especially into the artificial intelligence arena. Turning the Tide If the reports are accurate and Bitmain does get a new CEO, a daunting task awaits the selected individual. After a stellar 2017 and a promising start to 2018, the second half of the year appeared to fizzle out for the Bitcoin mining behemoth. Bitmain is yet to release its Q3 2018 financial report, but speculation is rife of losses north of $740 million. A lot of the financial trouble stems from inventory losses, as well as the expensive Bitcoin Cash hash war of November 2018. Recently, the company even began laying off a significant portion of its workforce. In December 2018, Bitmain fired its R&D department based in Israel. This move was followed by another massive downsizing, nixing the company’s Bitcoin Cash development team. The company’s IPO plan is also another casualty of the financial turmoil within the company. Despite announcing plans for an IPO listing in Hong Kong earlier in 2018, all signs point to such plans being unfeasible, for the present time, at least. Will a new CEO be able to steer Bitmain in a better direction? Let us know your thoughts in the comments below. Image courtesy of Shutterstock The post Bitmain Replaces CEO Jihan Wu After Bitcoin Cash Gamble Fails appeared first on Bitcoinist.com.
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BAT Outperforms Bitcoin, XRP On New Brave Browser “Rewards” Feature

Brave Browser Announces BAT “Rewards” Feature On Tuesday, Brave Browser, a crypto-friendly internet application headed by the founder of Mozilla Firefox, Brendan Eich, made a surprising announcement, seemingly aiming to start of 2019 with a proverbial bang. Via a company release, conveyed through its in-house blog, the Brave and Basic Attention Token (BAT) team, which consists of Eich, coupled with an array of fintech, Silicon Valley, and crypto veterans, revealed that it would be previewing “opt-in ads in [the] desktop browser developer channel.” While this feature sounds nebulous, there’s more to this integration than meets the eye. In fact, as broken down in a PC Magazine feature article, this new advertising model will allow common Joes and Jills to earn crypto, in the form of BAT, and potentially other rewards in the feature. This new offering, dubbed Brave Rewards, will siphon 70% of earned ad revenue to users who agree to view advertisements. The remaining 30% will be paid to Brave’s war chest — a likely controversial play, but one necessary for the blockchain project’s long-term survival. Rewards will be available via Brave’s developer/test browser edition. It wasn’t exactly divulged when the innovative feature would hit the publics’ desktops, but the following GIF is how the feature will work: Looking outwards, the Brave team revealed that they expect opted-in users to earn upwards of $60 to $70 a year in the near future, with their preliminary projections predicting that $224 a year could be earned by 2020 through Brave’s in-house ecosystem. While this sounds great — an effective free $224/year for viewing ads — like all things too good to be true, there’s a catch. At the time of writing, Brave has announced support for BAT token withdrawal, as the company wants Rewards’ users to reward their favorite content creators, whether it be large new portals or Youtubers. After this feature goes live successfully, Brave intends to activate “publisher-integrated ads,” which will allow content creators to feature “private ads” on content creators’ pages through the startup’s systems. The company subsequently explained its Brave Ads offering and its applications/benefits from a top-down perspective, writing: With Brave Ads, we are reforming an online advertising system which has become invasive and unusable. Users have turned to ad blockers to reclaim their privacy from ads that track them and sometimes even infect them, and publishers are finding it increasingly difficult to earn ad revenue to sustain quality content with intermediaries that collect huge fees. It is important to reiterate that at this time, this newfangled feature is technically in its beta phase. Due to this positive news, the popular altcoin, which recently gained the support of industry powerhouse Coinbase, has posted a respectable price gain. At the time of writing, BAT is currently valued at $0.125 apiece, posting a 3% in the past 24 hours. The crypto, currently the 36th in this market’s standings, is currently outperforming Bitcoin (BTC) by 2.7%, and Ethereum (ETH) by 2.4%. Crypto Lulls: Bitcoin, Ethereum, XRP Post Barely Any Movement In the same vein of cryptocurrency prices, the broader market has posted close-to-zero movement in the past 24 hours. Per data from Coin Price Watch, BTC has found itself at $3,645 — a mere 0.58% gain over the past day. Other leading crypto assets have also posted slight gains, but have still underperformed BAT. XRP, the go-to asset for fintech upstart Ripple, is up 1.27%, as it sits just shy of the $0.33 price level at $0.3296. ETH, which recently tumbled due to the delayed Constantinople fork, has found itself up by 2%, regaining a portion of the losses incurred yesterday. While the market is trending slightly positive, some analysts expect that BTC is ready to dive. Speaking to MarketWatch, Jani Ziedens of Cracked Market claimed that BTC, if truly oversold, should be posting monumental gains right now, rather than finding itself in an extended lull. So, Ziedens added that this “lethargic base” indicates that demand is limited, “incredibly weak” even, and as such, lower crypto bottoms may be inbound. BAT Title Image Courtesy of Descryptive.com via Flickr The post BAT Outperforms Bitcoin, XRP On New Brave Browser “Rewards” Feature appeared first on Ethereum World News.
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Cryptopia Hacker Moves Stolen Crypto to Binance; Community Alerts CZ and Funds Are Frozen

It is clear that hackers gave themselves a place to stay in the cryptocurrency industry, which was only made more evident by a recent security breach that happened over the last few days. Cryptopia, a leading exchange in New Zealand, announced a breach that ended in a major theft on January 14th. However, unlike the unfortunate tale that many other exchanges succumb to, that is not the end of the story. The official statement notes that Cryptopia has placed itself into a maintenance mode, helping them to protect their accounts until the regulatory authorities of New Zealand provide other details. Both the High Tech Crimes Unit and the local police are pursuing investigative efforts, though they have commented that “a significant value of cryptocurrency may be involved.” At this point, the actual amount has not been released, and no substantial details have been provided. Still, that has not stopped local news portal Radionz from reporting that the loss is close to $3.6 million. A Twitter user, ShaftedTangu, seems to know where these digital assets are going. On the posts, the user said, Hey @cz_binance Binance has stolen tokens from Topia hitting it sir. Can you lock it down? https://t.co/0XllsBejUV — I Dream Of Alts (@ShaftedTangu) January 16, 2019 Through a string of additional tweets, the user continued to track the funds, as he mentioned wallet address 0x9007a0421145b06a0345d55a8c0f0327f62a2224. In another tweet, he claimed, “Currently the 0x900 wallet contains around $10 mil USD of tokens, large amounts are $PRL $2mil, $CENNZ $1.168 mil, $Denacoin $2.73 mil, $MSP $0.99 mil” Luckily, just under four hours after the original tweet, CZ Binance replied. The reply said, Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic — CZ Binance (@cz_binance) January 16, 2019 With such a nonchalant type of reply, it is quite a victory for Cryptopia and Binance that the funds could be frozen at all. However, the victory has not been won yet, considering there is no indication of exactly who performed the hack in the first place. Cryptopia has remained silent, though they posted to their own Twitter profile, saying, “We cannot comment as this matter is now in the hands of the appropriate authorities. We will update you as soon as we can.” As a result of these issues, Zhao posted that users should keep their holdings on exchanges, rather than a hardware wallet. However, his post caused an onslaught of negative replies, with some saying that his post implied that self-storage is substantially riskier than storing on a seemingly “reputable” exchange. Zhao later retracted, saying that he was not advising investors to store funds on exchanges. In the first half of 2018 last year, there was over $731 million lost in thefts involving exchange hacks. However, none have reached the severity experienced by the 2014 Mt. Gox hack.
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Binance Freezes ‘Some of the Funds’ Stolen in Cryptopia Hack

Some of the stolen cryptocurrency from yesterday’s Cryptopia hack has been sent to Binance, which has confirmed already freezing some of the funds.  Binance Freezing Funds Stolen from Cryptopia Twitter account @ShaftedTangu has alleged that some funds stolen as a result of Cryptopia’s hack have been siphoned through Binance. The amounts sent to Binance in question include roughly $7,500 in Metal (MTL) 00, $6,750 in KyberNetwork coin (KNC) 00, $7,181 OmiseGO tokens (OMG) 00, and $8,724 in EnjinCoin (ENJ) 00. All of it totals around $30,000. Changpeng Zhao, CEO at Binance – the world’s largest cryptocurrency exchange by means of traded volumes, has confirmed the allegations, reassuring that they’ve already frozen some of the funds. Zhao commented: Just checked, we were able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high-risk maneuver for them. Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic — CZ Binance (@cz_binance) January 16, 2019 Bitcoinist reported yesterday that Cryptopia’s security has been breached, resulting in ‘significant losses’. Police in New Zealand also confirmed. Binance Caught in the Fire Zhao’s tweet caused a reaction in crypto Twitter’s community as one user (@Crypto_Bitlord) expressed his bewilderment that Zhao referred to “social media” as a means of reporting rather than Binance’s own surveillance systems. I’m genuinely shocked stolen funds from @Cryptopia_NZ have easily passed through @binance UNDETECTED until social media flagged them. This raises some big questions. How is that possible with modern blockchain analysis? — Sir Bitlord (@Crypto_Bitlord) January 16, 2019 On the matter, Binance’s CEO said: It’s quite easy to generate a brand new address. We (and no one) recognize every transaction out there. We already have very in-depth and detailed blockchain analysis. Yet, the question remains – if a regular Twitter user has been able to detect the transaction in question, how, and more importantly – why did Binance miss it? Perhaps the better question, as posed by @Crypto_Bitlord is: So you are saying criminals can steal funds and just create a brand new address to send to before binance? In the meantime, Binance announced today the launch of their Binance Jersey fiat exchange. The platform is aimed at traders from Europe and it offers BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR trading pairs. What do you think of Binance missing the transactions in question? Don’t hesitate to let us know in the comments below! Images courtesy of Shutterstock The post Binance Freezes ‘Some of the Funds’ Stolen in Cryptopia Hack appeared first on Bitcoinist.com.
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