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‘Bitmain Civil War’ Continues: Jihan Wu-Fired CEO Micree Zhan Determined to Regain His Position
Crypto Twitter users report that the Bitmain civil war continues. It started last week, when Jihan Wu ousted the director of the company, Micree Zhan, from his ruling position and staffers were prohibited from communicating with him.
Now, Zhan is determined to get back his position in the company in a legal way. The news was posted by Samson Mow, the Blockstream CSO on his Twitter account.
BREAKING: Micree Zhan just sent a open letter to all Bitmain employees confirming that he was removed as the legal representative of the company without consent, and that he will take back control of the company through legal channels. #BitmainDrama #CalledIt ? pic.twitter.com/PTGyof57qt
— Samson Mow (@Excellion) November 7, 2019
Jihan Wu kicks Zhan out of the company
Just a short while ago, Bitmain’s Micree Zhan was forced out from the post of the executive director, despite being the largest shareholder (36.5 percent stake) and a co-founder.
Now Jihan Wu possesses ‘broad powers and potentially unlimited liability’ in Bitmain acting as its legal representative. Having ousted Zhan, Wu prohibited all Bitmain employees to engage with the former CEO.
Micree Zhan promised to press charges to regain his position. Meanwhile, Jihan Wu was reported to set up his own venture to do with Bitcoin Cash and decentralized finance (De-Fi).
Alex DovbnyaZhan publishes an open letter on WeChat
The founding partner at Primitive Ventures, Dovey Wan, published several translated parts of Zhan’s open letter on her Twitter account.
Someone should really make a movie of out the #BitmainDrama Below are some highlighted part translated from Micree's open letter, and Jihan's response at the end
— Dovey 以德服人 Wan ? ? (@DoveyWan) November 7, 2019
I feel really bad for Bitmain, such an ugly public fight is just cannibalistic
Ego is a person's worst enemy
As per the extracts, Micree Zhan was on a business trip, when Jihan Wu suddenly took over without notifying him of what is going on.
1/ Mircree is embarrassed and felt being betrayed pic.twitter.com/eBv6vqtA45
— Dovey 以德服人 Wan ? ? (@DoveyWan) November 7, 2019
Zhan promises to regain his power in the company as soon as possible, through a court hearing if necessary.
3/ Micree said he will get back to Bitmain soon ™ pic.twitter.com/HnQZ1lttZd
— Dovey 以德服人 Wan ? ? (@DoveyWan) November 7, 2019
He also promises that Bitmain will grab a 90-percent share of that BTC mining gear market and expand the company’s business in the AI sphere.
4/ Last part, Micree talked about his expectation of taking 90% (?? really??) of bitcoin mining marketshare and Bitmain's AI revenue in 2019... which, imo, it's not a good idea to either buff, or expose these sensitivity numbers to competitors .. pic.twitter.com/5T2BCfNvv8
— Dovey 以德服人 Wan ? ? (@DoveyWan) November 7, 2019
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Arman Shirinyan
Dan Burgin
Vladislav Sopov