Jihan Wu, co-founder of Chinese cryptocurrency mining giant Bitmain, has announced he is stepping down as CEO of the company.
He said through a letter published by The Block that the differences with co-founder Micree Zhan have been resolved in an "amicable and constructive" manner.
As part of the deal, Zhan has purchased almost half of Wu's shares in Bitmain for $600M. In turn, Wu has resigned as CEO of the company. According to the letter:
"In order to complete the share purchase, Micree obtained a loan of $400 million from Bitmain while he committed to raising another $200m from outside of the group."
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Wu says Bitmain had $327M in fiat on January 24, "which was twice higher than what is required by the preferred shareholders in order to close this settlement."
Some media have previously reported Bitmain plans to spin off its mining business, including cloud mining, from its core business. Wu has confirmed this information and added:
"Upon the closing of the settlement today, Bitmain has turned over a new page with great opportunities ahead. As the co-founder of Bitmain, I enjoyed the 2,815 days of journey working for it with numerous help and support from lots of customers, colleagues, friends and investors, and I give my most sincere blessing to Bitmain and its leadership of Micree."