Bitmain is currently having a Schrödinger moment as some of its official accounts make contradictory statements on the payment details. The power struggle that exists between Micree Zhan and Jihan Wu, the two co-founders of Bitmain, appears to have increased to new highs as Zhan seems to be re-routing its financial flows to the entities that are wholly controlled by him.
This is a part of the public service announcement that was posted on Bitmain’s Weibo and WeChat pages. That announcement notified customers that Bitmain’s payment credentials and email have been changed. They appear to be pointing to the accounts that are controlled by Zhan.
But, based on BlockBeats reporting, Wu issued a statement claiming to allege that these actions are as a result of compromised WeChat and Weibo accounts that are reporting false information.
Based on that statement, anomalous activity happening on Bitmain’s accounts has resulted in the pages issuing false statements on behalf of the firm since June 10. That announcement once more reiterated the legal proceedings that will be used to stop the spread of ‘false information.’
Wu Seems To Be Losing
The long-running struggle has been closing in on a resolution in the past few months. On his part, Zhan seems to have encountered many hard blows under Wu’s authority. The encounters started with Zhan trying to steal the company’s official seal in May.
Since then, Zhan used private guards in June to enter Bitmain’s Beijing office and take over the role of legal representative. On that occasion, Wu retained control of outside entities which crucially includes Bitmain’s Hong Kong-based holding.
Zhan’s reach extended to Shenzhen as he allegedly blocked deliveries of ASIC miners to the customers.
It is still not clear about who is currently controlling Bitmain. Some analysts and commentators are making analogies to a “Schrödinger’s Bitmain.” It is highly likely that due to its legal structure, neither party can completely oust the other.
According to the June 24 reports, Zhan proposed to buy Wu’s and other investors’ stakes for $4 billion. That move may indicate the beginning of negotiations for a peace treaty between the two co-founders. But for now, the company still seems to be operating as new contracts are getting signed.