Bitmain (the backers behind BCHABC) have fired one of their co-founders:
https://www.bloomberg.com/news/articles/2019-10-29/top-bitcoin-miner-engulfed-in-power-clash-as-co-founder-oustedBitmain Technologies Ltd.s billionaire founder Wu Jihan announced Tuesday the resignation of his co-founder, a surprise ouster that appeared to resolve a struggle for control of the worlds largest crypto-mining startup.
Micree Zhan Ketuan, who started Bitmain with Wu six years ago, no longer holds any position at the Beijing-based company effective immediately, Wu said in an internal memo obtained by Bloomberg News. The crypto-entrepreneur warned employees against taking further instructions from Zhan or attending any meetings he convenes, threatening staff with dismissal or criminal charges. Nishant Sharma, a company spokesman, declined to comment on the memo.
Tuesdays surprise memo is sure to stoke more questions around the worlds largest producer of crypto mining rigs, which Bloomberg News reported had previously failed to pursue a Hong Kong listing of as much as $3 billion.
Bitmain, which was valued at about $15 billion in a private funding round last year, continues to grapple with an uncertain home regulatory environment even as its fortunes wax and wane along with the price of Bitcoin. Its also said to have considered a U.S. debut, long before rival Canaan Inc. filed for its own U.S. initial public offering.
Wu and Zhan hold 21% and 37% of the company, respectively, according to Bitmains IPO prospectus for Hong Kong. Wu was Bitmains business head, an avid supporter of digital tokens like Bitcoin Cash. Zhan, on the other hand, led the companys chip designing team and its foray into artificial intelligence chip-making. This year, Wu founded a crypto financial services startup called Matrixport. He recently took over Zhan as the legal representative of Bitmains Beijing entity, according to public company registration information.
Hopefully Zhan won't be selling his BCH...
