Jihan Wu regains control of Bitmain, and ePayments to resume to work

Jihan Wu regains power over Bitmain

Jihan Wu, co-founder of the mining equipment manufacturer Bitmain, has received the status of the executive director and legal representative of the company.

This gives him broad powers and allows him to act on behalf of the company. According to Wu, Bitmain’s management will now focus on solving problems that have arisen among employees, investors, and customers due to the confrontation between the company’s co-founders.

“Since 2020, the management’s feud has damaged Bitmain’s market shares and its brand image. We have lost customers and employees were forced to take sides”, ”says Bitmain.

Last year, Wu removed Mikri Zhang from his position as chairman and CEO of Bitmain. Wu argued that Zhang’s leadership in 2019 caused serious problems, including a significant drop in the company’s share of the Bitcoin miner market. In December, Zhang filed a lawsuit over the legality of Wu’s actions, which led to a lengthy power struggle over the company.

Microstrategy plans to Increase Bitcoin Stocks

A month ago, Microstrategy, an analytical software provider bought 21,454 BTC (about $250 million) and became the first public company to invest part of its capital in cryptocurrency.

Now the board of MicroStrategy directors has decided to make bitcoin the main reserve asset of the company, which can lead to increased investments into this cryptocurrency.

Bitcoin is the main reserve asset of the company on an ongoing basis. As a result of this new policy, the company’s bitcoin assets can exceed the $250 million investment reported by the company, on August 11, 2020”, says the Microstrategy report.

Following Microstrategy, a number of other companies also announced the transfer of some of their assets to cryptocurrency.

ePayments payment system will resume work

EPayments announced its readiness to restore the service. To do this, the payment system changed the user agreement and removed access to cryptocurrencies.

The company has also added biometrics user authentication and advanced account monitoring. Besides, now “individuals will be able to receive payments only from companies, and send money only to their account.”

EPayments is currently in the process of verifying customer data to meet its Know Your Customer requirements. The payment system suspended work on February 11 after at the request of the UK Financial Conduct Authority (FCA), which found flaws in the service’s anti-money laundering systems.