Bitmain: Micree Zhan has been ousted and employees who support him dismiss any request from Zhan
Bitmain made two statements regarding its co-founder Micree Zhan which was ousted in October 2019. This is information published from Bitmain’s Weibo page on May 27. In which, both statements confirmed Micree Zhan, the company’s former chairman, and the legal representative was removed from management.
Bitmain has issued two concurrent statements regarding its disgraced co-founder Micree Zhan, confirming his ousting in October
Bitmain confirming Zhan was ousted in October
Bitmain confirming that Micree Zhan has been ousted and threatened him and employees supporting him with legal action for not complying. Both of the statements reiterated that Zhan was removed from his position by a shareholders’ decision in October 2019. On November 5, the company passed the executive director’s decision to remove the co-founder Micree Zhan from management.
As such, Zhan has no right to be a legal representative of the company or to give notices and instructions to company employees. Bitmain also requires all its managers and employees to ignore any requests from Zhan, threatening them with legal action in case of non-compliance.
It can be seen that the statements from Bitcoin are similar to those of the original Jihan Wu on the day Zhan was overthrown when Jihan threatened the employees to stop acting at Zhan’s request.
The power struggle continues at China-based mining equipment producer
Since Micree Zhan was abruptly removed from Bitmain, the company has been facing an internal power struggle. Ousted co-founder Micree Zhan has taken to court to reclaim his position in the company.
Zhan reserved owned twice as much stock as Jihan Wu, but his share appears to have been downgraded significantly since the events unfolded. Earlier, it was reported that the tension between Micree Zhan and Bitmain escalated to physical confrontation.
Zhan launched two lawsuits against the company to gain back his position. Amid the internal power struggle, the company’s economic fortunes appear to be slipping. As noted by Kristy-Leigh Minehan, the former CTO of Genesis Mining, MicroBT is steadily gaining market share against Bitmain.
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