Bitmain expells Co Founder and Executive Director Micree Zhan – Bitmain News

Bitmain has evicted its co-founder and executive director, Micree Ketuan Zhan. An e-mail was sent out to every member of the staff, stating to take no more guidance from Zhan as the company has dissolved all roles of the director. Zhan's position is now occupied by Jihan Wu, who held about 30 percent of Bitmain's equity along with Yuesheng Ge. The firm is believed to be experiencing great turbulence post Zhan's expulsion.

Micree Zhan, the Co-founder and executive director of Bitmain, has been ousted from the company. The firm circulated an e-mail, forwarded to each staff member announcing the expulsion, and asking every employee not to involve Zhan in any situation.

“Bitmain’s co-founder, Chairman, legal representative, and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately. Any Bitmain staff shall no longer take any direction from Zhan, or participate in any meeting organized by Zhan. Bitmain may, based on the situation, consider terminating employment contracts of those who violate this note.”

The mail was sent out as an “important notice” and came soon after reports claimed that Bitmain had changed its corporate structure in the registration filing with government agencies. The roles of Micree Zhan are now held by Jihan Wu, another co-founder, and also the Chairman of the board. Wu will also serve as the legal representative of Bitmain.

The bitcoin mining giant filed an IPO last year, which eventually failed, where Zhan was a significant shareholder with 60 percent of Bitmain’s equity whereas, Wu, along with Yuesheng Ge, another co-founder, possessed about 30 percent in all.

Saloni Sheelwant
Saloni Sheelwant treasures to research and write about the new startups and technologies thriving at a very fast pace.

Leave a reply

Please enter your comment!
Please enter your name here

Enable Notifications    Ok No thanks