Cryptocurrencies
Top Bitcoin Miner Engulfed in Power Clash as Co-Founder Ousted
- Wu Jihan declares his fellow co-founder has left Bitmain
- World’s top crypto-mining rig maker is tied to Bitcoin prices
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Bitmain 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 world’s 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.