Richest Crypto Billionaire Gets Forced Out of His Own Company in China

Richest Crypto Billionaire Gets Forced Out of His Own Company in China 1
  • Bitmain co-founder Micree Zhan was reportedly ousted from the company on Tuesday.
  • Zhan is the wealthiest cryptocurrency billionaire according to the Hurun rich list.
  • Traders are now worried Zhan could dump 1.6 million bitcoin cash in retaliation.

Bitmain co-founder and executive director Micree Ketuan Zhan has reportedly been forced out of the company in a bitter clash with business partner Jihan Wu.

In a statement issued to Chinese media, Bitmain confirmed that Wu would take control:

“We believe under the leadership of Jihan, Bitmain will be back to its original mission statement, focus on core competence, expand business organically and orderly. Will become a world-class tech company”

Zhan, who was listed as the wealthiest cryptocurrency billionaire by Hurun, was the largest Bitmain shareholder with 36.5% ownership. The drama is the latest in a string of executive shakeups since the cryptocurrency mining company delayed its IPO.

A coup at Bitmain

Dovey Wan, founding partner of Primitive Crypto, documented the fallout overnight and translated Chinese media reports. Her reports depict what amounts to a coup in the Bitmain office:

“Micree Zhan’s email was deleted and already banned from entering into the company’s office by security. The whole HR department was completely cleared up with replacement from Jihan’s own people.”

Wan claims her sources said Wu declared:

I have to come back to save this ship (from sinking).

Samson Mow, CSO at Blockstream questioned how Jihan Wu was able to force out the larger stakeholder.

“Actually, looks more like Micree was forced out. The question is how? Micree is still a majority shareholder of Bitmain Beijing as well a large shareholder of the parent Bitmain holding co. This looks like power play by Jihan & still has yet to play out.”

Bitcoin Cash jumps 10% but Zhan could dump his crypto

Bitcoin Cash jumped 10% at the news, largely because Jihan Wu is a vocal supporter of the cryptocurrency. Traders anticipate that Bitmain may divert more resources to BCH under his leadership.

Bitcoin Cash popped 10% higher as trader anticipate a stronger focus on BCH at Bitmain. Source: TradingView

On the flip side, Zhan could dump his bitcoin cash holdings, an estimated 1.6 million BCH, on the market in retaliation. Doing so would likely have a negative impact on the price.

“Micree was outcasted in an ugly way, he may consider dump $BCH he owns .. which is 1.6M BCH total” – Dovey Wan.

As Mow put it: the “Bitmain civil war is just starting.”

Hat-tip @DoveyWan

This article was edited by Samburaj Das.

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

Crypto Scams

Cryptosoft
Cryptosoft Trading Bot Review
June 27, 2022
The Largest Crypto Scams Of 2022 (So Far)
The Largest Crypto Scams Of 2022 (So Far)
June 14, 2022
Scammers
How Do Scammers Entice Their Prey?
May 10, 2022
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Prove
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Russia
Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
GamStop
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


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin21,117 0.90 % 1.58 % 2.32 %
Ethereum1,225.2 1.22 % 0.52 % 8.23 %
Tether1.000 0.09 % 0.02 % 0.04 %
USD Coin1.001 0.18 % 0.19 % 0.14 %
BNB240.08 0.99 % 0.20 % 10.54 %
Binance USD1.006 0.39 % 0.46 % 0.20 %
XRP0.3538 0.86 % 3.12 % 9.17 %
Cardano0.4937 0.91 % 2.54 % 0.18 %
Solana39.20 1.38 % 4.65 % 10.52 %
Dogecoin0.07279 1.23 % 6.07 % 20.81 %

bitcoin
Bitcoin (BTC) $ 20,885.00
ethereum
Ethereum (ETH) $ 1,205.56
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 237.70
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.350179
cardano
Cardano (ADA) $ 0.487991
solana
Solana (SOL) $ 38.53
dogecoin
Dogecoin (DOGE) $ 0.07143