The reports raise questions about Bitmain’s leadership and internal disputes

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The conflicting reports have the cryptocurrency community scrambling to verify the details of one of the sector’s biggest and most high-profile crises.

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The co-founders of Bitmain are at the center of growing speculation and uncertainty

Bitmain, a leader in Bitcoin mining hardware, controls the hardware that powers over 74% of the global Bitcoin hash rate. It is also responsible for the chipsets used in the AI ​​data centers that power the Nvidia H100 modules.

The company now finds itself at the intersection of geopolitics, legal scrutiny and internal corporate conflicts.

On December 21, 2025, cryptocurrency veteran Chandler Gu sparked speculation with a mysterious social media post in which he referenced a “deep sea fishing” experience experienced by an industry colleague. This term is used to describe the secret detention in China, worth several billion dollars in six months.

Gu said that although the person got out safely, he learned a hard lesson that even the biggest supporters cannot be trusted. When they fall, their partners suffer too.

Gu wrote: There is an old friend from the digital circle near me who just came out of the “deep sea fishing” experience. It is said to be a multi-billion dollar deal, which he has been negotiating for half a year. Fortunately, the man came out of this experience safely… He relied on the connections of his supporters to repel his opponents, but he was bitten by the enemies of the supporter.

Observers quickly linked Gu and Zhan’s account. Rumors circulating in cryptocurrency circles indicate fines ranging from $1 billion to $10 billion, but none have been officially confirmed.

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Some reports have reported what you do Zhan paid a fine of $1 billion, while others said he fled to Indonesia two months ago and is still missing. The famous leader of the Chinese community confirmed on the X platform Two major developments:

• Mining operations in Xinjiang have seen recent unrest and
• The internal conflict between the co-founders of Bitmain escalated.

The collapse of the system of two CEOs due to the conflict of the founders

Bitmain’s dual executive management structure, which had allowed Zhan and Wu to lead the company, collapsed completely in 2025. Wu, a graduate of Peking University, said he used his political connections to confront Zhan, a graduate of the Chinese Academy of Sciences who focused on chip design and production.

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Their differences reflect and demonstrate wider industry risks Connecting businesses with influential supporters.

Bitmain is facing increasing external pressure as this alleged internal turmoil grows. Zhan has historically focused on technology operations, while Wu has led strategic partnerships and business development.

The founder’s absence could create operational gaps at a time when Bitmain remains pivotal to global Bitcoin mining. The company is already facing it Proceedings from Old Const For allegedly violating a hosting agreement and attempting to take over mining hardware without reason.

Geopolitical risks and infrastructure vulnerabilities

The tensions go beyond institutional disputes, with Bitmain facing scrutiny from US authorities over potential security threats to the devices. In June, Bitmain and two other companies moved to the United States To evade new tariffs and improve supply chains.

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The risks are exacerbated as the company’s mining infrastructure adopts digital currency and artificial intelligence data centers, reinforcing national security concerns.

Any settlement or concession could affect global Bitcoin networks, highlighting the digital currency’s continued vulnerability to geopolitical tensions.

Recent campaigns against mining farms in Xinjiang, along with reports of Zhan’s detention, have increased speculation of coordinated regulatory pressure.

The digital currency sector continues to monitor the situation with caution, as developments could impact… Mining hardware markets Supply chains and competitive dynamics.