BitMain President Replaced And Corrupt Employees Asked To Confess

Bitmain has removed Du Shisheng from the position of chairman and issued a letter to all employees, requiring employees to report corrupt behavior by November 6 and the company will not pursue their criminal liability.

According to Wu Blockchain, on November 1, one of the largest bitcoin miners in the world Bitmain appointed Xiao Shengqiang as president of the mining machine business for a term of 4 years and removed Du Shisheng from the positions of president of the mining machine business division and EMT member.

The newly appointed Xiao Shengqiang was a former financial officer of Bitmain Shenzhen.

On November 2, the company issued a letter to all employees, asking employees to report corrupt acts by November 6 and the company will not pursue their criminal liability.

Corruption practices include soliciting and accepting bribes from customers/suppliers for kickbacks, profiting from sales/purchase transfers, both directly and through bagman.

In 2017, when it was just founded, Bitmain successfully raised $50 million from two of the world’s leading venture capital funds, Sequoia Capital and IDG Capitalre, making the company’s valuation up to $75 billion. In an update to the company’s financials released today, the group now has $53 million in cash in the bank as of October 31, 2022.

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