The ongoing rivalry between Bitmain’s two co-founders, the world’s largest manufacturer of cryptocurrency mining hardware, has escalated.
Bitmain, the global leader in cryptocurrency mining hardware, has become embroiled in a fresh controversy after one of its co-founders established a new company name, opened a new bank account, registered a new address, and launched a new website for the organization.
The company is widely known for the long-running conflict between its co-founders, Micree Zhan and Jihan Wu. What had briefly appeared to be a truce ended two weeks ago, and the co-founders have resumed their public dispute.
On Monday, Bitmain’s WeChat account published a notice outlining changes to the corporate bank account used for purchasing Bitmain products. The new bank account is registered under the name Zhanhua Intelligent Technology Company, and the Chinese business registry lists its registration in Fuzhou.
That WeChat account is believed to be controlled by Micree Zhan, the co-founder who had been sidelined. Fuzhou is also known as Zhan’s hometown.
The company in question was shown in records as inactive but co-owned by Jihan Wu and Zhan from 2017 to 2020. The registry indicates that on Monday Wu was removed as a supervisor of the company and replaced by another individual.
Zhan and Wu have been contesting the role of Bitmain’s legal representative for several months. Holding that title gives an individual authority over the company’s bank accounts and signing power for corporate matters. Zhan controls Bitmain’s Beijing office, while Wu remains listed as the legal representative.
Because Wu retains the legal representative status, he retains the authority to open and close accounts. That situation has motivated the move to place the company’s bank account under the control of a separate legal entity.
Wu also controls Bitmain China’s parent company in Hong Kong and has reportedly blocked shipments of key components from Taiwan’s TSMC that were destined for Bitmain’s Shenzhen factory.
Bitmain has publicly denied that Zhan holds any official position at the company, stating that he was already removed from his roles. The company also confirmed that it has initiated legal action against Zhan.
Meanwhile, Zhan has continued driving traffic to the new website via WeChat and Weibo, frequently posting the new URL to redirect users.
In response, Wu posted an announcement on Bitmain’s official site, asserting that the information published by Zhan is false and claiming the company’s Weibo and WeChat accounts have been controlled by an unknown party since June 10.
Members of China’s crypto community have voiced frustration over the continuing hostilities between the two co-founders.
Translated by Carolane de Palmas