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.