Bitmain Leadership Feud Continues As 10,000 Antminers Go Missing

The Bitmain leadership feud continues as 10,000 antminers have been stolen from a facility in China. Some sources say that the missing rigs concern the ongoing struggle to rule the company between cofounders Jihan Wu and Micree Zhan, as we are reading more in the latest cryptocurrency news today.

Back in mid-June, the reports show that the power struggle between the Bitmain cofounders as for many years now Bitmain has been the most dominant ASIC mining rig producer as the Bitmain leadership feud continued. For quite some time now, the cofounders Micree Zhan and Jihan Wu have been at odds but now regional reports showed that 10,000 Antimners worth millions went missing or were transferred illegally from a Bitmain mine in Mongolia. There’s no exact count on what was taken but 10,000 Antminers included miners such T17, S17, T15, and S17 pro models.

The last time, the two co-founders were fighting as reports noted that Zhan was prohibiting deliveries that stemmed from the company’s Shenzhen factory as the China-based publication 8BTC highlighted that the previous week, one internal letter from Jihan Wu detailed that Zhan and his allies took the miners. The estimates say that the net worth of the miners would be about $10 billion despite the reports from Jihan Wu’s memo that Zhan accused him of taking a lot of ASIC miners that used the official Bitmain Weibo account.

Financial columnist Lylian Teng commented that a number of trademark filings were filed for Antminer as public records indicated the filings stem from Hong Kong and mainland China. Teng noted that the filings derived from the Singaporean Unit Bitmaintech Pte. The feud over the massive amounts of producer equipment and farms in China could not come at a worse time for the company once Eband filed for the US IPO and Microbt is taking a bigger market share. People believed that Bitmain cofounders may come at a settlement because the leaked negotiation deal that showed the two tried to have a compromise.

The leadership issues at Bitmain technologies show that there are alleged issues with a huge number of Canaan executives and four executives, Tu, Songhua, Kong Jianping, Li Jiaxuan, and Sun Qifeng were also deleted from the registry of the company.