A year-long dispute between Bitmain executives has come to an end. Jihan Wu will leave his post andwill receive compensation of $ 600 million.
After months of fighting for controlcompany, Bitmain co-founders Jihan Wu and Mikri Zhang have come to an agreement. Chinese media reports that Jihan Wu will receive $ 600 million in compensation, and Zhang will receive full control over Bitmain.
As part of the deal, Wu will also take over the BTC.com mining pool and Bitmain's overseas mining centers.
Mikri Zhang, in turn, will receive Antpool and everythingBitmain mining farms located in China. Zhang will remain in charge of the artificial intelligence (AI) department and miner manufacturing enterprise. He pledged to pledge his shares in order to raise the $ 600 million needed to buy back Wu's stake.
The deal is expected to be ratified at the shareholders' meeting on December 28. However, by then the terms of the deal may have changed.
Subscribe to ForkNews on Telegram to always be aware of the latest news from the world of cryptocurrencies
Based on materialscointelegraph.com
Read this:
The former head of Bitmain will try through the court to achieve reinstatement
Bitmain head accused of fraud
Media: Jihan Wu and Mikri Chang discuss the settlement of the conflict in Bitmain
Bitmain has announced the launch of sales of new generation miners
Bitmain leadership conflict leads to arrests
Bitmain: Mikri Zhang has nothing to do with the company and will face trial if he disputes this