Wild things have been happening at Bitmain, the largest manufacturer of crypto mining chips and rigs in the world.
It starts with Bitmain Co-Founder Jihan Wu ousting Co-Founder Micree Zhan in October 2019 for reasons that still have not been disclosed. After that, Wu appointed Luyao Liu as Bitmain’s Chief Financial Officer (CFO) and legal representative.
Apparently Zhan had no intention of leaving Bitmain, and was forced to leave against his will. Zhan took the issue to court and sued repeatedly to regain his position as legal representative of Bitmain.
Zhan has finally won the lawsuit and just received the business license for Bitmain Beijing, making him legal representative of Bitmain and giving him the power to act on behalf of Bitmain.
However, Liu and a mob of 10 other men attacked Zhan at the government facility where they dispense business licenses, and took the license.
Liu was arrested two hours later, and presumably Zhan has the license back.
However, Bitmain released an official statement that Zhan is not the legal representative of the company, that this is all a registration error, and that Liu is still the legal representative despite being arrested.
Ultimately, it appears Bitmain has truly schismed, and the company is in a sticky situation. What happens next is unclear, but perhaps this is an opportunity for other crypto mining manufacturers to gain some dominance.