Exclusive: Zhu Yu, co-founder of Biyin, withdrew from the shareholders’ response and said “no impact”

Wu Blockchain exclusively learned that Zhu Yu, co-founder and COO of Biyin Mining Pool, has recently withdrawn from the ranks of shareholders of Biyin's parent company Zhongben Congmomang (Beijing) Technology Co., Ltd., and has also withdrawn from his previous position as a manager and no longer serves as a key personnel of the company.

Zhu Yu responded to Wu's comments: "No impact, everything remains the same." Zhu Yu originally held 10% of Biyin's shares, but he said he had not sold his shares.

Data shows that Biyin's revenue in 2019 reached 21.98 million US dollars. Based on a P/S ratio of about 10 times, Biyin's valuation should be in the hundreds of millions of US dollars, and the value of Zhu Yu's shares should be in the tens of millions of US dollars.

Biyin Mining Pool was founded by Pan Zhibiao, Zhu Yu, Li Tianzhao and other former members of Bitmain's BTC.com Mining Pool team. Biyin grew very fast after its establishment and once ranked first in the global mining pool computing power. Zhu Yu is mainly responsible for Biyin's external business, marketing, and operations. The outside world has a high evaluation of Biyin's market activities and conference management level, but there are also views that question Biyin's high promotion expenses and uncertainty about whether it is profitable.

Due to the decline in performance under the leadership of Zhan Ketuan in 2019, Bitmain lost the first and second place in the mining pool. Later, due to a non-competition dispute, Bitmain sued Pan Zhibiao, Zhu Yu, and Li Tianzhao, demanding the re-performance of the non-competition agreement and compensation of nearly 30 million yuan. The case is still in progress.

Previously, Biyin was suspected of obtaining financing from Li Xiaolai, and Li Xiaolai's suspected joint actor Li Kun currently holds 27.78% of Biyin's shares.