Jihan Wu handed over the management of Bitmain to Luyao Liu

January 9, 2020 by Océane

Three months after the return of Jihan Wu, the head of the company, the co-founder of Bitmain is back on its decision and delegates its job to Luyao Liu, its chief financial officer.

The chief financial officer of the company promoted to the rank of DG

After having ousted Micree Zhan, the other co-founder of the company, Jihan Wu is officially placed as the legal representative of Bitmain. Shortly after his promotion, a document has just announced that there would be more now in this position from 2 January.
Luyao Liu, the chief financial officer of Bitmain for 2018, would have been appointed to replace him at the directorate-general for enterprise and as a legal representative of the company.

The return of Wu was the effect of a cyclone

Recall that the disgrace of Zhan had been the result of the battle for control of the company, that Wu was fired upon his return in Bitmain. Last month, Zhan had filed a complaint against the giant in the field of blasting, in which he requested a court of the Cayman islands to cancel the decision of shareholders, which has led to the forfeiture.
It would have also threatened to bring other lawsuits against the company, and he is currently looking to enter the courts to regain control of the giant of the mining of the Bitcoin.
Several employees from Bitmain, had also been dismissed, with the departure of Zhan.
Moreover, this turmoil has had repercussions on the performance of the company. It has been revealed that the market share of Bitmain has fallen dramatically in recent months, although the ecosystem chinese miners of Bitcoin remained in its dominant position.
Nevertheless, the company continues to expand its activities in South America, particularly in Brazil.
What do you think of the fierce struggle between Micree Zhan and Jihan Wu for the control of Bitmain ? Respond in the comment section below.
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Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.

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