Bitmain Technologies Ltd.’s Jihan Wu has resigned as chairman and chief executive of the world’s largest cryptocurrency mining equipment maker, relinquishing control as part of the settlement of a dispute with his co-founder.
Micree Zhan, the other co-founder, purchased almost half of the private shares of Bitmain owned by the company’s initial investors for $600 million, Wu said in a statement sent over Twitter that was confirmed by Bloomberg. Of that amount, $400 million was a loan from Beijing-based Bitmain, while Zhan will raise another $200 million from outside investors, he said. The split marks the end of a ...
