- Bitmain is going through a power struggle between its main founding members.
- Jihan Wu told Bitmain’s staffers that Micree Zhan was being laid off.
- Zhan said he was ousted without consent and is prepared for a legal battle.
Bitmain Co-Founder Micree Zhan was recently forced out of the firm without any consent or prior knowledge. Now, the world’s richest crypto billionaire is preparing to go to court, if necessary, to guarantee his return to the mining giant.
A civil war has been taking place at Bitmain over the last few years. Two of its main founding members, Jihan Wu and Micree Zhan, have been locked up in a leadership dispute. The conflict caused Zhan to get ousted from the firm without any consent or prior knowledge.
Last week, Wu reportedly sent an email with a subject “important notice” to all Bitmain employees. The statement revealed that Zhan was leaving the firm and was dismissed from all of his roles.
The email reads:
Bitmain’s co-founder, chairman, legal representative, and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately. Any Bitmain staff shall no longer take any direction from Zhan, or participate in any meeting organized by Zhan. Bitmain may, based on the situation, consider terminating employment contracts of those who violate this note.
A leaked transcript of an internal meeting revealed that the decision was based on a series of disagreements. These issues were affecting the financial success of the mining giant. According to Wu, the company was spending “unnecessary and hasty investment.” In addition, the Bank of Beijing retracted from a credit line that was already approved. The ruling was based on suppliers calling for clearing accounts payable.