Micree Zhan has filed a lawsuit against Bitmain’s subsidiary Fujian Zhanhua Intelligence Technologies, and Beijing Bitmain Technologies as a related third party. This time Zhan has filed the lawsuit in China’s Fujian province. The hearing of the case was scheduled on February 11 but got postponed due to coronavirus outbreak.
Power struggle at the largest crypto mining maker
It all started when Jihan Wu removed Micree Zhan from the company last year abruptly. Zhan claimed that he was removed from the company without any notice and his consent. Zhan and Jihan both co-founded the company back in 2013. Zhan has vowed to come back to his position that he was removed from. He filed a lawsuit n December in the Cayman Islands, where Bitmain’s parent holding entity is registered.
Micree Zhan owns 36 percent shares of Bitmain.
Zhan has also filed a lawsuit against the Fujian Zhanhua, which is a fully-owned subsidiary of Beijing Bitmain. Micree Zhan is still the largest shareholder of the company, with 36 percent. Bitmain is the world’s largest crypto mining maker, and the company filed for an IPO with the US SEC in October last year. Bitmain recently came under a lot of criticism after it announced to lay off half of its staff. Micree Zhan also heavily criticized the company’s decision.