Fun

Bitmain Cofounder Allegedly Expelled – Could Face Litigation for Operation Interference

News Feed - 2020-05-28 05:05:37

Bitmain Cofounder Allegedly Expelled - Could Face Litigation for Operation Interference


One of the largest ASIC mining manufacturers worldwide, Bitmain, has allegedly ousted cofounder Micree Zhan. Regional reports note that he’s been threatened with litigation if he interferes with company operations. According to two local announcements written in Chinese, Bitmain has warned Zhan two times not to intervene with employees.


Last October, news.Bitcoin.com reported on the Chinese mining rig manufacturer Bitmain and how the company purportedly filed for an initial public offering (IPO) with the Securities and Exchange Commission in a confidential fashion.


Nothing ever transpired with the IPO, at least publicly, but during that same month there were rumors that said Micree Zhan was removed from his position. Now two alleged directives from Bitmain confirm that the cofounder was exiled from the company’s operatives.


The two statements were posted to Bitmain’s Weibo page on Wednesday and a rough translation describes the events. One document explains that the company’s board of shareholders removed Zhan from all business operations and corporate roles.


The statement also notes that if Zhan attempts to interfere with company business and employees they will take him to court. The statement shows that the removal of Zhan was based entirely on all the shareholders’ decisions.


The statements also detail that Zhan should not talk to Bitmain employees and try to sway them. Bitmain employees have been told to ignore Zhan or they could be faced with legal actions.


The financial news outlet Bloomberg has disclosed that Zhan has filed two lawsuits against the Chinese ASIC manufacturer. The report also alleges that Zhan had a large majority of Bitmain shares and claims to have more than 2X the shares Jihan Wu holds.


The report also noted that Zhan posted a letter in November to his Wechat profile page and explained that he would “restore order” to Bitmain. The cofounder also wrote: “If someone wants war, we’ll give them war.”


At the time, Bloomberg wrote that it was “unclear whether that balance has shifted since.” Even though statements were published on Bitmain’s Weibo page on May 27, it is still uncertain whether or not Zhan has been fully removed from control.


What do you think about the stories about Micree Zhan and Bitmain? Let us know in the comments below.Trump Threatens to Close Down Social Media Platforms After Twitter Tampers With His TweetsNEWS | 55 mins agoBull Run Imminent? Hodl Waves Chart Shows 60% of Bitcoin Hasn"t Moved in a YearNEWS | 10 hours agoTags in this story2008 Bailouts, ASIC Manufacturer, BCH, Bitcoin, bitcoin cash, Bitmain, Bitmain Shares, board members, BTC, Cofounder, Cofounders, Company, Jihan Wu, Micree Zhan, Shareholders


Image Credits: Shutterstock, Pixabay, Wiki CommonsUse Bitcoin and Bitcoin Cash to play online casino games here.Show comments

News Feed

Ukraine Raises Over $100,000 From Cryptopunk NFT Sale
Ukraine Raises Over $100,000 From Cryptopunk NFT Sale The government of Ukraine has sold a Cryptopunk NFT donated in support of the war-torn country a few months ago. The token has
Ciaran Lyons2 hours agoCrypto community reacts to Barbie star saying Bitcoin talk exudes Ken energyMichael Saylor, Layah Heilpern and Girl Gone Crypto were among those in the crypto community that took an interest in wha
David Bowie Estate to Drop ‘Bowie on the Blockchain’ NFTs, Sale Receives Backlash From Fans
David Bowie Estate to Drop "Bowie on the Blockchain" NFTs, Sale Receives Backlash From Fans The David Bowie estate recently announced it is launching a series of non-fungible token
Savannah Fortis12 hours agoMedia companies grapple with AI both inside and outside newsroomsMedia companies have been trying to navigate the rapid emergence of AI, with many banning its usage internally and others choosi
Hash Watch: Bitcoin Cash Services Reveal Contingency Plans for Upcoming Fork
Hash Watch: Bitcoin Cash Services Reveal Contingency Plans for Upcoming Fork The Bitcoin Cash blockchain is set to upgrade on Sunday, November 15 and it’s
Iran Shuts Down More Illegal Crypto Farms, Bringing Total to Over 5,300
Iran Shuts Down More Illegal Crypto Farms, Bringing Total to Over 5,300 Authorities in Iran are continuing their crackdown on unauthorized cryptocurrency mining as electricity dema
Brayden Lindrea1 hour agoBitVM’s goal is to scale Bitcoin, not be a pseudo-Ethereum, says devBuilding a decentralized exchange on Bitcoin would be a “step backward,” for example, said Bitcoin developer Super Testne
Gibraltar Updates Distributed Ledger Framework to Align With FATF Crypto Regulations
Gibraltar Updates Distributed Ledger Framework to Align With FATF Crypto RegulationsThe Gibraltar Financial Services Commission (GFSC) has updated its guidance notes for distributed
Hungary’s Prime Minister Says ‘Europe Has Run out of Energy’ Amid Russia’s Gas Standoff
Hungary’s Prime Minister Says ‘Europe Has Run out of Energy’ Amid Russia’s Gas Standoff Europe is suffering and struggling to contain an energy crisis according to various
Veteran Analyst Predicts Bitcoin Surge To $150K — Here’s The Timeline
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Australia tries again to combat ‘future sectors’ crypto scams
Arijit Sarkar2 hours agoAustralia tries again to combat ‘future sectors’ crypto scamsThe “Proposed Scams Code Framework” consultation paper aims to delegate clear roles and responsibilities to government and priv
Tom Blackstone1 hour agoFedNow “early adopter” list contains no blockchains, but some may integrate laterTwo blockchain networks had previously announced integration with the Fed’s instant payment service, but they