Bitmain, the Crypto mining giant, recently hired Wang Haichao, as the new CEO of the company.

While the company’s founder’s Wu and Zhan will remain co-chairs. The transition has already started.

The quick turn of events has been revealed to be a nefarious plot on the part of Jihan, the former CEO as he sees the company faces a high probability of bankruptcy and no longer being CEO will decrease personal liability.

In addition, early estimates Bitmain’s 2018 Net Profit was negative $1.2 billion.

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