One of the most important cryptocurrency companies is in the midst of a raging internal spat. And unfortunately, it’s only getting worse.
Bitmain co-founder Micree Zhan, who was last week booted from the Bitcoin mining giant as a result of a shocking pot shot from fellow co-founder Jihan Wu, is looking to retake control of his company, his proverbial “child.”
Bitmain in the midst of firey civil war
Last week, Micree Zhan’s tenure at Bitmain was abruptly ended by Jihan Wu, the face of the company, who issued a company-wide email telling staffers that Zhan had been dismissed from his senior roles at the company.
While corporate upheavals take place all the time—the chief executive of McDonald’s was fired earlier this week—many on Crypto Twitter were quick to point out that this reeked of a power struggle, with Wu forbidding employees from engaging with Zhan. Also, Zhan, who still owns a large portion of the company’s shares, was also purportedly banned from entering Bitmain’s premises in China.
Zhan, at first, took this news lying down, going quiet online as tensions flared at his (former) company. But, in a post released to Chinese social messaging application WeChat on Wednesday, the Bitmain co-founder revealed that he is still in the ring, and is ready to fight Wu in court.