Bitmain Cofounder Allegedly Expelled – Could Face Litigation for Operation Interference

Bitmain Cofounder Allegedly Expelled – Could Face Litigation for Operation Interference 1

Bitmain Cofounder Allegedly Expelled – Could Face Litigation for Operation Interference 2

One of the largest ASIC mining manufacturers worldwide, Bitmain, has allegedly ousted cofounder Micree Zhan. Regional reports note that he’s been threatened with litigation if he interferes with company operations. According to two local announcements written in Chinese, Bitmain has warned Zhan two times not to intervene with employees.

Last October, news.Bitcoin.com reported on the Chinese mining rig manufacturer Bitmain and how the company purportedly filed for an initial public offering (IPO) with the Securities and Exchange Commission in a confidential fashion.

Nothing ever transpired with the IPO, at least publicly, but during that same month there were rumors that said Micree Zhan was removed from his position. Now two alleged directives from Bitmain confirm that the cofounder was exiled from the company’s operatives.

The two statements were posted to Bitmain’s Weibo page on Wednesday and a rough translation describes the events. One document explains that the company’s board of shareholders removed Zhan from all business operations and corporate roles.

The statement also notes that if Zhan attempts to interfere with company business and employees they will take him to court. The statement shows that the removal of Zhan was based entirely on all the shareholders’ decisions.

The statements also detail that Zhan should not talk to Bitmain employees and try to sway them. Bitmain employees have been told to ignore Zhan or they could be faced with legal actions.

The financial news outlet Bloomberg has disclosed that Zhan has filed two lawsuits against the Chinese ASIC manufacturer. The report also alleges that Zhan had a large majority of Bitmain shares and claims to have more than 2X the shares Jihan Wu holds.

The report also noted that Zhan posted a letter in November to his Wechat profile page and explained that he would “restore order” to Bitmain. The cofounder also wrote: “If someone wants war, we’ll give them war.”

At the time, Bloomberg wrote that it was “unclear whether that balance has shifted since.” Even though statements were published on Bitmain’s Weibo page on May 27, it is still uncertain whether or not Zhan has been fully removed from control.

What do you think about the stories about Micree Zhan and Bitmain? Let us know in the comments below.

Tags in this story
2008 Bailouts, ASIC Manufacturer, BCH, Bitcoin, bitcoin cash, Bitmain, Bitmain Shares, board members, BTC, Cofounder, Cofounders, Company, Jihan Wu, Micree Zhan, Shareholders

Image Credits: Shutterstock, Pixabay, Wiki Commons

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Millions in Cryptocurrency Stolen by Scammers in the Last Month According to Tenable Research
November 24, 2021
Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021

Blockchain/Cryptocurrency Questions and Answers

Crypto casinos
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin49,187 0.64 % 0.46 % 14.07 %
Ethereum4,194.5 1.95 % 1.18 % 2.23 %
Binance Coin571.07 0.18 % 2.86 % 6.60 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Solana190.29 0.60 % 1.31 % 5.07 %
Cardano1.340 0.79 % 0.34 % 15.88 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
XRP0.7959 0.89 % 0.82 % 17.67 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Terra65.45 0.89 % 6.12 % 30.97 %

bitcoin
Bitcoin (BTC) $ 49,247.00
ethereum
Ethereum (ETH) $ 4,190.80
binance-coin
Binance Coin (BNB) $ 572.22
tether
Tether (USDT) $ 1.00
solana
Solana (SOL) $ 190.61
cardano
Cardano (ADA) $ 1.34
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.795329
polkadot
Polkadot (DOT) $ 27.25
terra-luna
Terra (LUNA) $ 65.30