BCH Pumps as Jihan Wu Returns to Bitmain

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Bitcoin Cash enjoyed a post-China pump as it was revealed that Bitmain co-founder Jihan Wu, who stepped down at the start of the year, was returning to the business after ten months that has seen a failed IPO, hundreds of millions of dollars in losses, and a ceding of mining hashrate to competitors. An internal email from Wu leaked to China crypto expert Dovey Wan states that co-founder and sole remaining director Micree Zhan has been “dismissed from all operating positions from the company immediately” as Wu tries to “save this ship (from sinking)”.

Zhan “Dethroned” by Wu

The Bitmain drama started late Monday as Wan revealed that Jihan Wu had taken over as the legal representative of Bitmain in China, which was followed shortly by the email from Wu to Bitmain employees stating that Zhan had been removed and “no one should take orders from him or attend his meetings”. In the words of Wan, this meant that Jihan had “dethroned” the very person who dethroned him, turning Bitmain into a kind of modern-day Game of Thrones. Wan later revealed that Zhan had been ousted in an “ugly way”, with the result that he may consider dumping his 1.6 million BCH tokens in a kind of misjudged act of revenge in order to crash the price. Following Wu’s declaration that he wanted to “come back to save this ship”, Bitmain insiders told Wan that Zhan’s email account had been deleted and security had barred him from entering the building, with the “whole HR department completely cleared up” and “Jihan’s own ppl (people)” taking their place.

Just the Beginning

The drama won’t end there however, as the way in which Zhan has been ousted is, according to Wan, “unconventional”, and with Zhan being the largest shareholder, Wu will have to convince other investors that his actions are in line with the interests of the company. Wan even describes Wu’s actions as “nonprofessional” and “bizzare”, saying it seems like a “political coup” without investor sign off. One thing is for sure – you’d better grab lots of popcorn, because this drama is only just beginning.