Bitmain power struggle escalates to a physical confrontation

According to news reports, the exiled co-founder of Bitmain Micree Zhan was recently given the right to recover his status as the legal representative of Bitmain Technology by the Beijing Haidian District Justice Bureau. However, when Zhan went to collect his new registration license as part of the recovery process, he was surrounded by a group of men, including Bitmain’s CEO Liu Luyao. The two parties were later reported to be involved in a physical brawl.

The tensions between two parties escalated to a physical brawl. 

According to the Chinese news platform Caixin, when the officials from the Justice Bureau tried to hand over the updated license to Micree Zhan as the company’s new legal representative, Bitmain CEO abruptly took the possession of the license. According to the report, Bitmain CEO Liu said that the business license is the firm’s property, how can it fall into the hands of an individual?” A video surfacing on WeChat in China, the tensions between the two parties later escalated into a physical brawl. The Justice Bureau reported the incident to the police, and both sides were taken to the local police station.

 

Internal power struggle at Bitmain intensifies.

Last year Bitmain top management had abruptly removed the co-founder Micree Zhan from the company without his consent. Since then, Micree Zhan has been fighting his way back into the company by taking legal action against the mining giant. So far, he has had some minor victories along the way. Bitmain issued a statement on Friday, saying that the judgment to reverse the registration is a mistake made by the government agency that has violated the Company Law. Bitmain aimed Justice Bureau for reversing the registration. 

The mining machine maker giant said that they recognize Liu Luyao as the currently effective legal representative of Beijing Bitmain. The firm further noted that during this period, it would not accept any action taken by Zhan Ketuan as an authorized representative of the company. 

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