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Bitmain’s Jihan Wu ‘finally’ settles disagreement with co-founder; resigns as chairman

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Bitmain Technologies CEO Jihan Wu is reportedly stepping down from his role in the mining company. The Chinese billionaire cryptocurrency entrepreneur published a cryptic tweet on 26 January that mentioned a settlement with Bitmain’s co-founder and Wu’s rival, Micree Zhan. 

According to reports, a coded message from Wu indicated a disagreement between Wu and Zhan. However, now the issue has been “finally” resolved in an “amicable” and “constructive” manner, according to the CEO’s encrypted letter.

Additionally, the settlement revealed that Zhan apparently made a $600 million purchase of about half of the Bitmain shares owned by Wu and a group of founding shareholders. The agreement was that in return, Wu would resign as CEO and chairman of the mining-chip giant. 

A part of the letter from Jihan Wu read

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. 

Wu went on to state that as of 24 January, Bitmain held about $327 million in fiat cash, “which was twice higher than what is required by the preferred shareholders in order to close this settlement.”

He further wrote:

Also pursuant to the settlement, Bitdeer is spun off from Bitmain today together with the mining farm operations in the U.S. and Norway.

I will be the chairman of Bitdeer. Matt Kong will be the CEO of Bitdeer. Antpool will soon be spun off into an independent company to be led by Micree.

Stating his “2,815” working days, Wu thanked his customers, colleagues, friends and investors, and gave his “most sincere blessing to Bitmain and its leadership of Micree.”

Source: https://ambcrypto.com/bitmains-jihan-wu-finally-settles-disagreement-with-co-founder-resigns-as-chairman/

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Miami Mayor dismisses Treasury Secretary Yellen’s criticism of Bitcoin

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Over the past few weeks and months, Miami and Mayor Francis Suarez have been working towards positioning the city as the country’s premier crypto-hub. “We want to be one of the most crypto-forward and technological cities in the country,” Suarez had said in a recent interview, with the comments coming on the back of reports […] Source: https://ambcrypto.com/miami-mayor-dismisses-treasury-secretary-yellens-criticism-of-bitcoin/

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FD7 Ventures launches $250M Micro-Fund in India for Cardano, Polkadot-based projects

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A few days after FD7 Ventures, a Dubai-based crypto-investment fund, made news after it announced its decision to sell its Bitcoin holdings worth $750M to buy more Cardano and Polkadot, the fund is in the headlines again. According to a press release, FD7 Ventures has now launched a $250M Micro-Fund in India to invest in […] Source: https://ambcrypto.com/fd7-ventures-launches-250m-micro-fund-in-india-for-cardano-polkadot-based-projects/

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Why Mark Cuban is looking forward to Ethereum’s use cases

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Entrepreneur Mark Cuban is in awe of Ethereum network and thinks that blockchain technology could be a game-changer for various industries. In a recent interview, Cuban said that it is the “simplification of smart contracts” on Ethereum that gets him “excited.” He said: Because now, all these SaaS companies, all these different companies, I could […] Source: https://ambcrypto.com/why-mark-cuban-is-looking-forward-to-ethereums-use-cases/

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Litecoin, EOS, Enjin Coin Price Analysis: 01 March

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Litecoin seemed positioned for additional losses after the long-term moving average closed in on the short-term line. EOS moved within a descending channel after finding support at $3.5. Lastly, ENJ went past a key resistance and saw its price rise on the charts. Litecoin [LTC] Losses in the last seven days amounted to over 25% […] Source: https://ambcrypto.com/litecoin-eos-ftx-token-price-analysis-01-march/

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