Micree’s Comeback Attempt
It appears Micree Ketuan Zhan, the co-founder of Bitmain, isn’t ready to hang up his gloves just yet. After being unceremoniously booted from the CEO throne, he’s back in the courtroom, determined to reclaim his post. According to a recent court filing in Fujian province, Zhan has initiated a lawsuit against Bitmain’s subsidiary, Fujian Zhanhua Intelligence Technologies, along with Beijing Bitmain Technologies. What’s the game plan? Who knows, but with a hearing set for February 11, it’s clear Zhan isn’t backing down.
The Legal Jigsaw Puzzle
While court drama often makes for riveting television, Zhan seems to have moved right into the center stage with his latest legal maneuver. Not only does Fujian Zhanhua still list him as its legal representative, but it’s also one of the shining stars that contributed significantly to Bitmain’s financial success during its 2018 Hong Kong IPO. Zhan is looking to put those pieces back together in his favor.
Power Struggle Within the Walls
The conflict began in earnest back in October 2019, when co-founder Jihan Wu effectively announced Zhan’s dismissal through a startling email. Wu’s message resembled an abrupt breakup text: “Bitmain’s co-founder, chairman, legal representative and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately.” Ouch!
The Fight for Control
After the inciting email, Zhan vehemently refuted the claim, arguing that he hadn’t left Bitmain at all but was forcibly removed without his consent. To those who think they can take the reins without him, he warned, “I will fight for her till the end with legal weapons.” Strong words indeed—talk about a plot twist! It’s like a modern-day Shakespearean drama but with more bitcoin and less togas.
A Company on Edge
Jihan Wu didn’t stop there. To maintain the upper hand, he cautioned employees against siding with Zhan, threatening that their jobs could be at risk if they attended meetings orchestrated by the ousted co-founder. It’s not just a power struggle; it’s a full-blown corporate standoff where the boardroom could easily be mistaken for a battleground.
The Future of Bitmain
As the legal saga unfolds, one can’t help but wonder what the future holds for Bitmain. With Zhan bringing his lawsuit game tight and the ongoing war of words, shareholders are keeping a close watch. For companies in the volatile crypto industry, maintaining stable leadership is key, and this soap opera is anything but calming.
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