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Wu Jihan, the co-founder of Bitmain and tech billionaire, returned as Bitmain’s CEO at a recent client meeting. He made a public appearance during a private event last week in Chengdu, China so we are reading further in the crypto news what else has been changed.

According to the reports, Wu Jihan appeared during the private event last Saturday in the capital of southwestern China’s Sichuan province where he announced that the co-founder Micree Zhan Ketuan has stepped down from his leadership role at the mining giant. Zhan claimed that he was forcefully removed as a legal representative of the company after Wu sent out an email which stated that Zhan left the company:

 “Bitmain’s co-founder, chairman, legal representative and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately.”

Zhan expresses his disappointment and stated he felt betrayed saying that he felt that Zhan stabbed him in the back especially expressing sadness because he was let down ‘’by those partners you trusted and brothers you fought together with.’’ He added:

 “Bitmain is our child. I will fight for her till the end with legal weapons. I won’t allow those who want to plot against Bitmain to succeed. If someone wants a war, we will give them one.”

Now as he regained control, Wu Jihan announced new sales initiatives to attract some new clients which reportedly includes the promise to seek the deposits as low as 20 percent for those who purchase Bitcoin mining rigs in large chunks. Bitmain has not provided any more answers about the further developments of the company so make sure to check the news for updated news and comments.

Wu officially launched a new crypto trading platform that offers over-the-counter trading, custody, and lending. Matrixport, the Singapore-based company eventually hired dozens of former Bitmain employees that were previously fired from Bitmain as a result of the bear market of 2018. The mining giant reportedly promoted Wu’s new initiative during the recent event in Chengdu, China.

As per the recent reports, Bitmain as a leading bitcoin miner has been struggling to bounce back since the harsh crypto winter. There was even a very low demand for crypto mining machines which caused the profitability to plummet. The secret filing with the US Securities and Exchange Commission will help raise badly the much-needed capital. Bitmain is now looking to raise up to $300 million and $500 million with the fundraiser.