Whale Attack: Jihan Wu of Bitmain May Unload his Satoshi Vision Coins

Jihan Wu, the founder of Bitmain, the Chinese cryptocurrency mining giant, wants to get rid of his new ‘Bitcoin Cash Satoshi Vision’ coins.

Corporate reshuffle

A few days ago, a Chinese news site reported that Wu had lost his voting rights at the company. Bitmain denied this; there had been a corporate shuffle, in which Wu changed position from board director to board supervisor. The changes were made because the company plans to go public soon.

It aims to raise around $3 billion and values itself at $18 billion. However, some have expressed concern because that valuation seems to have an unstable basis, extrapolated as it is from the dramatic profits realised in the cryptocurrency hype of last year and Bitmain’s subsequent monopoly. Cryptocurrency mining is becoming an increasingly less profitable endeavour.

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