Rumors show that Jihan Wu might resign as Bitmain’s CEO


Chinese media outlet Odaily reported rumors of that Jihan Wu might be stepping down from his role as a CEO for Bitmain.

Odaily received this information from an internal source that’s familiar with the situation and also noted that Bitmain is currently in a transition period.

In addition to that, the article also reports that employees allegedly weren’t optimistic about the outcomes of the double-CEO system.

Odaily also notes that their successor is supposedly surnamed Wang.

This isn’t the first sign of rumors that we’ve received about Jihan Wu resigning and stepping down. In mid-November, Chinese local media reported that Wu would no longer be able to influence corporate decisions at the mining manufacturer, alleging that he had been demoted from the position of director to that of supervisor.

Odaily also reported today that unspecified sources declared that Bitmain is planning to cease all mining operations and already commissioned the relevant dealers to sell the used Antminer S9s. This, according to the article, would mean that the company will lay off over 500 employees.

At the end of December, Chinese social media sources reported that Bitmain had already allegedly fired its entire staff of BCH developers.

While all of these are still rumors, it is very likely due to the recent layoffs and signs that Jihan Wu might be stepping down as CEO. This does not mean that Jihan will not own anymore shares or make any decisions within the company though.

 


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Samuel Tan

Samuel Wan has been an analyst and cryptocurrency evangelist for the last few years. Previously he worked as a consultant for a Big 4 consulting firm and is passionate about how blockchain will make an impact in the world. You can contact Sam at s@cryptomenow.com

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