Bitmain’s yearlong power struggle, the co-founder of Jihan Wu has regained his status as the legal representative of the biggest crypto, BTC miner maker giant. As on September 14, China’s business registration record got updated and showed that Wu has once again become the legal representative and executive director of Beijing Bitmain Technology, the operating entity of Bitmain.
The role of the firm’s legal representative in China has a wide set of powers to act on the company’s behalf and mostly holds the firm’s legal official seat, a crucial element required for signing firm decisions into the act.
However, the rival co-founder, Micree Zhan who was overthrown last October by Wu but regained the power this year, is no longer the executive director and legal representative.
The update proposes Bitmain’s inside force battle may have arrived at a transient end despite the fact that the different sides’ lawsuits in the Cayman Islands where Bitmain’s parent holding entity is forthcoming for the last judgment.
Wu included the declaration that Bitmain’s administration presently plans to work out sustainable solutions for taking care of a wide range of issues caused for customers, employees, and investors because of the co-founders’ war of words.
In an October coup a year ago, Wu eliminated Zhan’s function as Bitmain’s chairman, leader chief, and lawful agent despite the fact that Zhan is the greatest investor of Bitmain. Wu claimed that Zhan’s authority during 2019 caused difficult issues remembering a huge drop for Bitmain’s bitcoin miner market share. Zhan documented a claim in the Cayman Islands in December over the authenticity of Wu’s turn.
However, the event rapidly went to a yearlong power struggle. Earlier this year, Zhan regained its status as a law representative after winning the local government’s favor and leading his way towards Bitmain’s Beijing office.
Image Courtesy : Pixabay