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Unsubstantiated reports quoting a lawyer from Bitcoin mining giant Bitmain suggest co-founder Wu no longer has executive power.
Bitmain co-founder Jihan Wu is reportedly no longer able to influence corporate decisions at the mining firm, Chinese industry media outlet Sanyan Blockchain reported Nov. 13.Â
Citing an unnamed âfinancial newsâ source, Sanyan quotes a lawyer for Bitmain, Tian Yangang, saying that as a result of the redistribution of positions at the companyâs executive board, Wu had been demoted from being a âdirectorâ to a âsupervisor.â
âAfter changing to a supervisor, there are no voting rights, so [Wuâs] power is smaller and [he] cannot participate in the business decision-making of the enterprise,â a rough translation of his comments reads.
The news comes three months after Bitmain received a $18 billion valuation ahead of plans to launch an IPO.
The move has seen Bitmain court controversy over its financial health, with speculators considering the companyâs vast Bitcoin Cash reserves as one of many potential sticking points.
Wu currently owns a 20.25 percent stake in the Bitcoin mining giant, which released its latest mining hardware, the Antminer S15 and T15, last week.
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