Jihan Wu Regains Upper Hand in Bitmain Co-Founder Fight CoinDesk -

Sep 15, 2020 at 03:20 UTCUpdated Sep 15, 2020 at 04:01 UTC.Bitmain co-founder Jihan Wu.In a new twist in Bitmain's ongoing power struggle, co-founder Jihan Wu has regained the legal representative status of the bitcoin miner maker giant.

China's business registration record update on Sept. 14 shows Wu has again become the legal representative and executive director of Beijing Bitmain Technology, the operating entity of Bitmain.

In an announcement published Sept. 15 via the WeChat account of Bitmain's AntMiner brand, Wu reaffirmed the status update and said the company's respect for Zhan "Remains unchanged."

The update suggests Bitmain's internal power fight may have come to a short-term end although the two sides' lawsuit in the Cayman Islands - where Bitmain's parent holding entity resides - is pending for a final judgment.

Wu added in the announcement that Bitmain's management now aims to work out sustainable solutions to solve all kinds of problems caused for employees, investors and customers due to the co-founders' war of words.

"Since 2020, the management's feud has damaged Bitmain's market shares and its brand image. We have lost customers and employees were forced to take sides," Bitmain said in the post.

In an October coup last year, Wu removed Zhan's role as Bitmain's chairman, executive director and legal representative even though Zhan is the biggest shareholder of Bitmain.

Wu alleged that Zhan's leadership during 2019 caused serious issues - including a significant drop in Bitmain's bitcoin miner market share.

Bitmain's manufacturing business for bitcoin mining equipment was essentially hard-forked into two with each side trying to establish their own sales arms and factory supply chains.

As a result, Bitmain's employees were forced to take sides and the stand-off caused significant shipment delays for Bitmain's customers, many of whom had to turn to rival miner makers such as Shenzhen-based MicroBT.Disclosure.