Last week Bitmain co-founder and Chairman Jihan Wu announced that he had dismissed all roles of Ketuan Zhan from Bitmain. Samson Mow, the CEO of Blockstream earlier today, shared an open letter that was sent by Ketuan Zhan to all Bitmain employees confirming that he was removed from the company without his consent. He also said that he would take legal action to take back control of the company.
— Samson Mow (@Excellion) November 7, 2019
Zhan’s Sudden Departure from Bitmain
On 29th October, Bitmain Co-founder Jihan Wu sent an email to all the staff members of the company informing them that Ketuan Zhan has been removed from the company. The email also asked employees not to take any direction from Zhan or participate in any meeting organized by him.
Now Jihan Wu has officially taken over the role of executive director and legal representative of Bitmain from Zhan. When Bitmain filed for the IPO last year, Zhan had 36% shares of the Bitmain, and Wu only had 20%. Coindesk reported that the sudden departure of Zhan from Bitmain was shocking for the employees as well.
Bitmain in the midst of a Civil War?
Samson Mow earlier called the drama that company is going through a Bitmain Civil War. Unfortunately, the situation is only getting worse. Bitmain is considered as one of the most important cryptocurrencies companies in the crypto industry. Zhan, in his open letter to the Bitmain, has promised to come back to the company as soon as possible.