Thrown Out Bitmain CEO Makes Move To Dethrone Jihan Wu

In December 2019, Micree Zhan Ketuan who is the thrown out Bitmain CEO asked a Cayman Islands court to reverse a shareholder decision that cost him voting control of the crypto-miner. The co-founder of the world’s largest producer of BTC mining equipment made a bold move and asked shareholders to vote to convert Bitmain’s Class B shares to one vote per share versus the 10 votes as previously.

This effectively slashed Zhan’s influence, according to Bloomberg, and stirred up the case in court. In a later after that, Zhan wrote on his WeChat social media account that he will return to Bitmain and “restore order” and “if someone wants war, we’ll give them war” as the report showed.

The thrown out Bitmain CEO was originally provoked by Jihan Wu, who started the firm with him six years ago. Wu returned as the CEO of Bitmain and announced that Zhan no longer holds any position at the Beijing-based company – effective immediately.

Moreover, Wu warned employees against taking further instructions from Zhan or attending any meetings that he convenes, threatening staff with dismissal or criminal charges. As various reports showed, the thrown out Bitmain CEO owned a 60% stake in the company – while Wu and another co-founder named Yuesheng Ge had approximately 30%. According to Bloomberg, Wu and Zhan hold 21% and 37% of the company, respectively.

Ever since the drama in October which was followed in detail in our cryptocurrency news, Wu has announced a series of measures aimed to strengthen the positions of the company. He announced discounts, new line of mining hardware and new repair centers. The mining company also revived the plans for an initial public offering (IPO) in the United States, following a failed listings attempt in Hong Kong.

Right now, the thrown out Bitmain CEO is making moves to regain a bit of confidence from the public. However, the fact that he is no longer part of Bitmain shows that new management is running the company now and he can only confront them in court.

Meanwhile, the Bitcoin and altcoin news today show a good momentum on the cryptocurrency markets and greens all over. BTC is trading at $7,505 at press time, followed by ETH at $135 and XRP a $0.1948.