0
📰 News
268 views

‘Bitmain Civil War’ Continues: Jihan Wu-Fired CEO Micree Zhan Determined to Regain His Position

ByBit
  • Yuri Molchan
    📰 News

    Co-founder and former CEO of Bitmain Micree Zhan, who was suddenly pushed out of the mining giant last week, intends to reinstate himself and gain power back legally

‘Bitmain Civil War’ Continues: Jihan Wu-Fired CEO Micree Zhan Determined to Regain His Position
Cover image via www.fengniaocaijing.com
Contents

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.

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).

👉MUST READ

Ripple Surpasses 300 Customers, Brad Garlinghouse Boasts Company's Strongest Year

Ripple Surpasses 300 Customers, Brad Garlinghouse Boasts Company's Strongest Year

Zhan 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.

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.

Zhan promises to regain his power in the company as soon as possible, through a court hearing if necessary.

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.

Join our Telegram channel to get news even faster!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted
0
📰 News
465 views

Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff

ByBit
  • Alex Dovbnya
    📰 News

    Gold proponent Peter Schiff thinks that Bitcoin evaporating its 40 percent pump proves that it's a pump-and-dump scheme

Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Euro Pacific Capital CEO Peter Schiff has come up with a new insult for Bitcoin, calling it "a classic pump-and-dump scheme."

👉MUST READ

Peter Schiff Reacts to Sudden Bitcoin Price Drop: "Get Ready for the Dump!"

Peter Schiff Reacts to Sudden Bitcoin Price Drop:

"You're being played"

Schiff continues to assert that Bitcoin's 40 percent pump on Oct. 25 was the result of price manipulations. The fact that Bitcoin's has completely trimmed these gains in just four weeks definitely flies in the face of bulls.

The gold bug explains that the pump was meant "to sucker in" momentum buyers to dump their bags later. This is supposed to be a wake-up call for all buyers.

Earlier, Schiff lambasted Bitcoin holders for not being able to see through the shenanigans of whales who are selling their coins on the verge of a major price.        

👉MUST READ

Bitcoin Price Could Drop to $2,000 or Even to $200, According to Peter Schiff

Bitcoin Price Could Drop to $2,000 or Even to $200, According to Peter Schiff

Other bears are waking up 

Mark Dow, the trader who famously shorted Bitcoin at its current all-time high, recently resurfaced on Twitter with a succinct "Bitcoin is dying" tweet, which came in handy right on the verge of Bitcoin's drop to the $7,500 level.     

While some bulls might be tempted to dismiss Bitcoin price moves recorded on the lower time-frames as "noise," the long-term picture is also gloomy. As reported by U.Today, crypto market analyst Willy Woo opined that Bitcoin might not replicate the success of previous halvening cycles due to its unusual bearishness. 

The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted