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Bitmain Co-founder’s Clash Turning into Rivalries

Bitmain Co-founder’s Clash Turning into Rivalries

  • Bitmain’s two wholly-own subsidiaries – Fujian Zhanhua Technology and Tianjin Shunhua Technology Ltd. has involved migrations.
  • The co-founder Wu Jihan sent an e-mail to the company’s employers to no longer execute Zhankhe’s regiment instructions.

As the fluctuation in bitcoin is steeping, the fight inside mining giant bitmain has also risen. The two wholly-own subsidiaries of Bitmain- Fujian Zhanhua Technology and Tianjin Shunhua Technology Ltd. has involved migrations.

The legal representative of the former party is the bitcoin co-founder who was caught in internal strife and was soon removed by Wu Jihan, co-founder of Bitmain Jenke Mission. 

Since October, many series of events occurred, and the chairman of Zhanke group dismissed from all positions. Then the co-founder Wu Jihan sent an e-mail to the company’s employers to no longer execute Zhankhe’s regiment instructions.

If violated by anyone, then the person may be withheld soon. In response to this Zhanke group got very angry and talked about the drastic changes. Recently the Bitmain’s company is operating in an orderly manner.

This whole case was taken to China’s well-known legal expert Qi Aimin. He remarked that a legal representative is an outstanding person, and the removal of such a person requires the meeting of shareholders and registration of commercial authority. He further said that the legal representative of a company has internal rights and external contracting rights. 

On November 5, Wu Jihan replaced the post of Jenke regiment. Again on November 15, Wu Jihan stepped down as a supervisor and replaced by Li Yanchi.

On Nov,26 the Zhanke group retired and replaced by Xu Weiliang, but Zhanke still serves as the company’s legal representative and executive director. 

Qi Aimin also questioned about protecting the rights of significant shareholder Zhan Ketuan; he, on this, said, the equity freeze could effectively limit the transfer and prevent other significant shareholders.

Another party comes into the picture- Fujian Zhanhua Intelligent technology, who has registered capital of 10 million yuan, so will the equity freeze affect the ownership of the former party?

On this Qi, Aimin says that equity freeze is an essential measure of the people’s court that can restrict the ownership of the company’s normal operations.

According to industrial data, the party or the company wholly owned by Beijing’s company, so the court’s freeze can restrict Bitmain’s free transfer. Still, the company can continue with the usual activities.

Bitmain’s co-founder and current chairman wrote in a circle of friends – “Don’t be used as a gun, it’s not convenient to leave a notorie, some employees told the media that the ongoing ups and downs had affected Bitmain consequentially.

The prospectus reveals that based on 2017 revenue, Bitmain is the world’s largest cryptocurrencies, so such rising and downfalls expected to occur in the coming future!

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About Parth Vig

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Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.

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