Battle within Bitmain Remains Worrisome: Big Battle Ahead as Lone Warrior Jihan Wu and BCH Unfolding Continues


CoinGeek recently released a new article on Jihan Wu, questioning whether the Bitmain founder is looking to exit from the alleged “failure” of Bitcoin Cash. According to sources, Bitcoin Cash BC is not fairing so well.

FX Street reports that Bitcoin Cash price on Wednesday, April 24, 2019 has

“been hammered, nursing big losses of 5.5% in the session.”

In addition, it also reports that

“Pennant pattern of formation fails to see the structured breakout to the upside, as bears pile in.”

It could be poor performance and other reasons for Bitmain’s departure. According to a tweet by Bitmain critic BTCKINGG555

“Our sources say Bitmain is stepping away from BCH project. It will dial down the support. Macree Zhang wants to be nowhere near this failure. Jihan is on his own now.”

As for the ASIC device manufacturer, it also does not seem to have been doing well. It allegedly lost about $400 million in the third quarter of 2018 and it also allegedly its intent to grow BCHABC was not only the subject of controversial, but it may have influenced the company’s losses.

BTCKING555 also mentioned that investors in Bitmain, such as IDG Capital and Sequoia Capital may have been staying away from the company as well and describing it as a

“major disappointment”

and that

“ex-CEO Jihan misrepresented on numbers.”

Jihan Wu has been managing Bitmain and has been described as a “major player” at the BCH upgrade in November 2018. He has also allegedly increased efforts to push the network to follow ABC group during the hash war.

Now, it seems, that Jihan Wu may be on his way out. According to Ethereum World News, Chinese Media reports indicated that Wu is about to reach the end of his career as the Bitmain’s CEO. Not just that, but Bitmain investors may file a class action lawsuit against the company.

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