Wolfie Zhao, Asia editor at CoinDesk, particulars how Jihan Wu ousted his cofounder Micree Zhan on the Bitcoin mining large Bitmain final week, how he justified the coup at a employees assembly the following day, and the way these tensions have really been brewing for fairly some time. He additionally discusses how Wu was capable of take away Zhan even supposing Zhan was a bigger shareholder, whether or not or not the opposite shareholders have been conscious of Wu’s plans, and the way Zhan plans to take some unspecified authorized actions subsequent. We additionally cowl the final firm response to the coup, how some in contrast it to Steve Jobs returning to Apple, and the aggressive pressures Bitmain faces because it and a competitor try and IPO within the U.S.
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Transcript of Bitmain assembly after Micree’s ouster: https://www.coindesk.com/leaked-transcript-details-power-struggle-inside-bitcoin-mining-giant-bitmain
Micree’s plans to make use of authorized means to get again into the corporate: https://twitter.com/Excellion/status/1192261566437023744?s=20
Canaan’s submitting for $400 million IPO within the US: https://www.coindesk.com/avalon-bitcoin-miner-maker-canaan-officially-files-for-400-million-us-ipo
Idea that the IPO introduced tensions to a head: https://twitter.com/btcking555/status/1189522260702441472?s=20