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Bitmain Co-Founder Jihan Wu Loses Executive Power in Board Reshuffle, Says Chinese Media
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.
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.
Author: Cointelegraph By William Suberg
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