Unsubstantiated reports quoting a lawyer from Bitcoin mining giant Bitmain suggest co-founder Wu no longer has executive power.
Cryptocurrency commentators are eyeing Bitmain Nov. 13 after Chinese industry media outlet Sanyang Blockchain reported a board reshuffle had resulted in co-founder Jihan Wu being unable to influence corporate decisions.
Citing an unnamed “financial news” source, Sanyang quotes a lawyer for Bitmain, Tian Yangang, saying that as a result of the redistribution of positions at the company’s executive board, Wu had been demoted from being a “director” to a “supervisor.”
“After changing to a supervisor, there are no voting rights, so [Wu’s] power is smaller and [he] cannot participate in the business decision-making of the enterprise,” a rough translation of his comments reads.
The news comes three months after Bitmain received a $18 billion valuation ahead of plans to launch an IPO.
The move has seen Bitmain court controversy over its financial health, with speculators considering the company’s vast Bitcoin Cash reserves as one of many potential sticking points.
Wu currently owns a 20.25 percent stake in the Bitcoin mining giant, which released its latest mining hardware, the Antminer S15 and T15, last week.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.