Bitmain co-founders clash over new bank account and website

The ongoing rivalry between the two co-founders of Bitmain, the world’s leading manufacturer in crypto mining equipment, has been taken to the next level

Bitmain logo
Their ongoing fight over who the company’s legal representative should be has affected public perception and company operations

The world’s biggest manufacturer of crypto mining equipment, Bitmain, has stepped into further controversy after one of its co-founders opened a new corporate name, bank account, address and website for the organisation.

The company is known for the rivalry between the two founders, Micree Zhan and Jihan Wu. After what appeared to be a truce on operations only two weeks ago, the co-founders have started anew.

On Monday, Bitmain’s WeChat account published an announcement detailing changes in the corporate bank account used for buying Bitmain products. The new bank account name is Zhanhua Intelligent Technology Company and China’s corporate directory indicates that it is registered in the city of Fuzhou.

The WeChat account is believed to be under the control of Micree Zhan, the ousted Bitmain co-founder. In addition, Fuzhou is known to be Zhan’s hometown.

This firm was shown as inactive but co-owned by Jihan Wu and Zhan from 2017 to 2020. The directory indicates that on Monday, Wu was removed as a company supervisor and replaced with someone else.

Zhan and Wu have been vying for the position of legal representative of Bitmain for several months. This role allows control over the company’s bank accounts and gives the individual signing authority for the company. While Zhan has control over the company’s Beijing office, Wu is still listed as the legal representative.

As a result, Wu has the power to open and close accounts; hence, the need for the company’s bank account to be under the control of a separate legal entity.

Wu also has control of the Hong Kong parent of Bitmain China, and is currently preventing shipments of key materials from Taiwan’s TSMC that should have been delivered to Bitmain’s Shenzhen factory.

Bitmain has denied that Zhan continues to hold any official capacity at the company, stating that he has already been removed from his position. The company also revealed that it has engaged in litigation action against Zhan.

Meanwhile, Zhan continues to push traffic to the new website through WeChat and Weibo by frequently reposting the new URL.

Wu has responded by releasing an announcement on Bitmain’s official website, stating that all information posted by Zhan is fake and that the company’s Weibo and WeChat accounts have been controlled by an unknown party since June 10.

Netizens from China’s crypto community have expressed their annoyance with the ongoing hostilities between the two co-founders.

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