Welcome to the CryptoBasic Podcast! This time around we don't go over a lot of things - we just focus on the basics, the important info, the headlines. Kung Fu, private militias, corporate coups, you know, the good stuff. If this sounds weird to you, tune in to find out what the heck has been going on with Bitmain and how the crypto space can sometimes offer stories and incidents that are truly hollywood-worthy.
What is Bitmain exactly?
Bitmain produces ASIC miners for the Bitcoin Blockchain. The Antminer. Basically the gold standard in mining gear.
They also run Antpool, which is a big mining firm that has a lot of hashpower - but they aren't the biggest.
So the Bejing District Bureau if Justice actually went ahead and blocked Bitmain's attempt at replacing the legal representative with their current CFO. Even though Jihan Wu was the representative, Bitmain wanted to switch.
This has been in courts since Jan 2.
He was then granted the right to return to his post as legal representative.
When he tried to attend the beaureau to collect his registration, he was surrounded by those loyal to Wu, and his license was grabbed from his hands.
Then shit got physical, details are sparse.
There's now TWO official seals somehow. Zhan wasn't in possession of the real one because it was physically taken from him. I guess in Chinese law the physical seal is pretty important. So there are now two serial numbers and there's dispute as to which one is accurate.
So most of the staff was working from home because of the Pandemic
On June 4 Zhan actually sent all employees a notification via wechat that he was back in the office starting the day before, and that they needed to return to the office to work.
Podden och tillhörande omslagsbild på den här sidan tillhör Brent Philbin, Karim Baruque, and Adam "Roothlus" Levy - The Cryptocurrency news nerds. Innehållet i podden är skapat av Brent Philbin, Karim Baruque, and Adam "Roothlus" Levy - The Cryptocurrency news nerds och inte av, eller tillsammans med, Poddtoppen.