Founder of MicroBT Arrested by Chinese Authorities

So, Yang Zuoxing has been taken into custody by the Chinese authorities due to some legal issues. This guy was a key player at Bitmain before he went off to create his own competitor back in 2016. Bitmain seems to be tightening its grip on the mining scene in China while its rivals are starting to fade away. After a rough 2018, it looks like Bitmain might be getting some unexpected support from the Chinese government. Honestly, I’m torn here. This tech genius was crucial to Bitmain’s rise before he left to set up MicroBT. Now that the founder of MicroBT is in trouble, it’s like the future of that company is hanging by a thread, and Bitmain could be back in the driver’s seat. I know some of you here have used Bitmain gear and others swear by MicroBT. What do you guys think about this whole situation? Would love to hear your thoughts. Cheers!

The way it is, they might not even have a serious thing on him but all they wanted is just to shake him and bring him to his knees. One lesson to learn from this is simple when you join an organisation, be very sure to know what you are signing in the face of the large bonuses that you are being offered because from what I can see here, there must have been a non-compete that he must have signed at some point which is what they are using against him in this case. As much as Bitmain could be powerful, they cannot go to this extent simply to harass him if they don't a tangible thing to hold on to.

According to some sources I have read online, Yang Zuoxing was arrested due to a case of embezzlement or misappropriating funds of about $15,000. I don't buy the embezzlement case, especially that MicroBT is going through good times for the first half of 2019 and is obviously doing good in terms of market share. Ever since Jihan Wu regained control of BITMAIN, competitors of the company seem to be waning and disappearing, and rumor has it that this has something to do with Wu's connection to the government and whatnot. Then again, we can only speculate on what the true nature of the arrest is. No official statement has been released yet and details are still vague to bet some conclusions on.

Yang stopped working for Bitmain in June 2016, more than 3 years ago. All this over a $15,000 dispute from before then? It certainly looks like Jihan Wu is using the Chinese government to go after his enemies: