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

Latest Cryptocurrency News
Thu, 11/07/2019 - 11:02
Yuri Molchan
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
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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).

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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.

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, can be contacted at yuri.molchan@u.today.