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Bitmain’s Micree Zhan may resort to legal means to regain authority

Sahana Kiran

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Source: Pixabay

Beijing-based mining giant, Bitmain has been courting controversies. A week ago, there was a “coup d’etat” in the Bitmain office, when Co-Founder, Jihan Wu’s ordered that the entire company stop taking orders and meeting requests from the Executive Director of Bitmain, Micree Zhan. Soon after which Jihan Wu took over Micree Zhan’s position as the legal representative of Bitmain in China.

In recent developments, Zhan sent an open letter to the employees of the company affirming that he was ousted from his position as the legal representative without his consent. Furthermore, Zhan stated that he would regain his authority over the company via legal means. Blockstream’s CSO, Samson Mow took to Twitter and shared the letter with the community.

Source – @Excellion

Zhan in his letter asserted that he was extremely embarrassed by the company’s latest move of changing the legal representative while he was on a business trip. Furthermore, he went on to express how the current scenario was similar to that of movies and TV shows where “the brother and most trusted partner would actually stab you in the back.”

“If someone wants a war, let’s give them one,” Zhan added in his letter while addressing Bitmain as his child. He asserted that he would protect the company against “setups” and “conspiracies” through legal means.

While elaborating on how Bitmain shelters the world’s best chip design capability, Zhan went on to say,

“We will achieve the goal of 90% market share of BTC mining machine. Our AI business can hit 100 million yuan milestone in terms of revenue in 2019, and we can expect 1 billion yuan in 2020.”

Primitive Ventures’ Dovey Wan commented on the latest drama surrounding the mining giant and tweeted,

“I feel really bad for Bitmain, such an ugly public fight is just cannibalistic. Ego is a person’s worst enemy.”

Sahana is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector across geographies.

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Gemini shines; Binance, Coinbase fall in CryptoCompare’s exchange rankings

Chayanika Deka

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Source: Pixabay

Major cryptocurrency exchanges, Binance and Coinbase, have slipped in the revised version of a cryptocurrency exchange ranking list. The data, compiled by crypto-asset data provider CryptoCompare, was titled ‘CryptoCompare Exchange Benchmark Q3 2019,’ and used a new metric for the latest edition. The tool, dubbed the ‘Exchange Benchmark,’ rested on 30 factors, including the team behind the exchanges, the quality of their markets, their geographical location, legal status, and data provision.

Released on 19 September, Winklevoss twins’ crypto-platform Gemini dominated the chart and was graded AA, followed by ItBit at second, Coinbase at third, and Kraken on the fourth position. Notably, Coinbase had previously dominated the June crypto-exchange rankings and was rated AA. Bitstamp, Liquid, OKEx, Poloniex followed suit, and were rated A.

Bitfinex, one of the world’s largest Bitcoin exchanges, was ranked 10th and graded A. Interestingly, Bitfinex wasn’t even in the top 10 of the previously released rankings.

Binance was positioned as the 12th most-trusted exchange with 10.5 points awarded for security. The Malta-based platform slipped four positions since June, when the exchange was ranked 8th. The reason behind the same may be in light of the security breach in May, wherein 7,070 Bitcoins were stolen by hackers in a single transaction.

Additionally, the updated Exchange Benchmark noted that top-tier exchanges graded between AA-B accounted for 33% of the global trading volume. However, lower tier exchanges rated between C-E made up for 67%.

Talking about the Exchange Benchmark tool which is essentially meant to combine both qualitative and quantitative metric data without using volume directly, Charles Hayter, Co-founder and CEO of CryptoCompare, said,

“Our second Exchange Benchmark now includes a vastly expanded set of exchanges and even more granular analysis to enable market participants and new entrants to identify the best trading venues worldwide.”

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