Bitmain’s power struggle continues as exiled co-founder threatens legal war

Bitmain co-founder Micree Zhan – who was recently ousted from the crypto mining firm by fellow co-founder Jihan Wu – is now threatening legal action to reclaim his position at the company.

Chinese news outlet Sina Finance reported last week that Zhan had been abruptly replaced by Wu, who would take over all of his responsibilities at the company.

However, the recently expelled Zhan published an open letter to his WeChat account yesterday alleging that he was removed from the company without his consent.

He is now threatening legal action in an attempt to regain his position following the alleged coup.

Bitmain has experienced a turbulent year littered with a number of operational changes. Coin Rivet reported in March that Jihan Wu would be removed as CEO and replaced by Haichoao Wang.

While there was a change in management, Wu continued to serve as a director alongside Zhan.

The former CEO reportedly sent an email to staff informing them that Zhan would no longer be involved with the mining giant and that he would be taking control of his responsibilities instead.

Zhan, who is still one of the biggest shareholders at the company, has assured the staff and other shareholders that he will be making his return shortly.

“I only know this can happen in the film and television dramas that the ‘brother’ who has been the most trusted partner and fought together, would actually stab you in the back,” writes Zhan.

“I will use the legal weapon and let all the setups and conspiracies that try to hurt Bitmain fail miserably! If someone wants a war, let’s give them one!

“I firmly believe that justice will never stand on the side of conspiracy and evils, no one will believe them!”

Interested in reading more Bitmain-related stories? Discover more about the troubled history of Jihan Wu’s time in charge of the mining giant.


Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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