Bitmain co-founder Jihan Wu is no longer on its executive board

13 Nov, 2018
by David Robb
News
Bitmain co-founder Jihan Wu is no longer on its executive board

Chinese crypto mining giant Bitmain has announced a major executive board reshuffle. Jihan Wu, one of the co-founders of the company, is no longer a board member and will not be influencing the company's decisions in future.

According to a report from Sanyan Blockchain, Wu will now occupy a supervisor role at the company, and directors Zhao Yifeng, Ge Yuezhen, Zhou Feng have all also stepped down from the board. The high-level reshuffle took place on November 5, and may have been timed to coincide with the release of the company's newest crypto mining chips, the Antminer S15 and T15. 

Read more: Bitmain to release new Antminer crypto mining hardware

Bitmain has probably taken this decision as it is eager to repair its reputation after series of recent controversies. The company attempted to launch an IPO earlier in the year after seeing impressive profits in 2017 and the first quarter of 2018. Its fortunes soon changed after a loss of dominance in the hardware market, and dwindling mining profits.

Read more: Ahead of $18 billion IPO, Bitmain continues to lose money and technical edge

Wu was accused of misleading investors ahead of the $18 billion IPO about how much support it had, and it now looks a lot less likely to go ahead as many are considering taking legal action against the company. The decision to keep a large part of Bitmain's profits in Bitcoin Cash holdings was also heavily criticized, as the crypto lost even more value than other tokens and Bitmain was essentially forced to prop it up.

Read more: Did Bitmain mislead investors?; Should Bitmain have invested in fiat? Business criticized as cryptos lose value

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