Bitmain leadership conflict leads to arrests

Beijing police arrested Bitmain representative Liao Liu for assaulting former CEO and co-foundermining giant Mikri Zhang.

According to Primitive Crypto partner Dovi Wang, Zhang received a Bitmain license from the Bureau of Industry and Commerce in his Beijing office as the legal representative.

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Liao Liu with a dozen people literally robbed Zhang right in the office building, taking away papers, Wang notes.

Bitmain promptly issued a statement stating that Mikri Zhang is not the legal representative of the company.

Dovi Wang emphasized that the current head and other co-founder of Bitmain, Jihan Wu, since the coup last fall, “has descended to the point of robbery right at the core of the CCP regime.”

As a result, the conflict of the co-founders of the company resulted in the pages of the Chinese media - the incident was reported by the largest state-owned news agency Xinhua.

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As the source for ForkLog at Bitmain, a BeijingBitmain is owned by Hong Kong Bitmain, in which Cihan Wu is the sole managing director. This gives him the right to replace the legal representative of the company in Beijing. According to him, Zhang tried to use administrative law to regain control of the enterprise, but the corporate law on which Wu relies has priority.

Wu ousted Mikri Zhang as CEO last October. According to him, the conflict between them has been going on for several years.

Zhang made an unsuccessful attempt to return the post with the help of shareholders, and also went to court. The company condemned his attempts.

Earlier, ex-CEO of Bitmain was accused of problems withquality of ASIC miners Antminer S17, claims to which are expressed by more and more players in the industry. In late March, the company announced the start of sales of a new line of flagships - Antminer S19.

Zhao's ideas on developing artificial chip businessintelligence (AI) Jihan Wu called &#171;crazy&#187;. At the end of the first quarter of 2020, the company recorded revenue of more than $300 million, which was due to the rapid growth in sales of AI products.