Chinese crypto mining machine manufacturer giant Bitmain issued statements confirming that Micree Zhan has been ousted and threatened him and employees supporting him with legal action for not complying. The statements were posted on Bitmain’s Weibo page today. Both of them reiterated that Micree Zhan, the company’s former chairman, and legal representative, was removed from his position by a shareholders’ decision in October 2019. On November 5, the statement reads, the company passed the executive director’s decision to remove the co-founder Micree Zhan from management.
“Micree Zhan has no right to act as the company’s legal representative.”
Bitmain’s statement clarified that ousted chairman Zhan has no right to act as the company’s legal representative or issue notices and instructions to company employees. Bitmain also asked all management and its employees to disregard any request from Zhan, threatening them with legal action in case of non-compliance. The statements from the Chinese mining manufacturer are similar to the initial statements made by Jihan Wu on the day of Zhan’s ousting when Jihan threatened the employees with termination for acting on Zhan’s requests.
The power struggle continues at Bitmain.
Since Micree Zhan was abruptly removed from the Chinese crypto mining manufacturer company, Bitmain has been facing an internal power struggle. Ousted co-founder Micree Zhan has taken to court to reclaim his position in the company. Zhan reportedly owned twice as much stock as Jihan Wu, but his share appears to have been downgraded significantly since the events unfolded. Earlier, it was reported that the tension between Micree Zhan and Bitmain escalated to physical confrontation.
Zhan launched two lawsuits against the company to gain back his position. Amid the internal power struggle, the company’s economic fortunes appear to be slipping. As noted by Kristy-Leigh Minehan, the former CTO of Genesis Mining, MicroBT is steadily gaining market share against Bitmain.
