Bitmain, the mining giant is clear about the Halving of Bitcoin but not so much its leadership

Less than two weeks before the third Bitcoin Halving, Micree Ketuan Zhan, who was unfairly removed from the leadership and presidency of Bitmain, received a partial legal victory in the Haidian District Justice Office of Beijing.

The Board reversed a decision on January 2, which allowed current CFO Luyao Liu to replace CEO Jihan Wu as the registered legal representative of the Beijing branch. The leadership problems of the main Bitcoin mining company have been going on for years. They took a dramatic turn in 2019 when Jihan Wu stepped down as co-CEO of the company after a failed IPO attempt. Thus, Micree Ketuan Zhan assumed full control.

Who is the CEO of Bitmain?

In 2019, Wu also sent an internal email announcing that Zhan had been ousted, and he was reinstated as sole CEO. After his removal, Zhan began trying to regain some power in his previous company. In December, he filed a subpoena asking a Cayman Islands court to reverse a previous shareholder decision, reducing his right to vote in the company.

Earlier this week, the Beijing Haidian District Justice Bureau sided with Zhan in another dispute. In February 2020, a decision appeared allowing CFO Luyao Liu to register as the legal representative of the Beijing Branch. Instead, he wanted the position for himself, arguing that he used to fill it before his departure.

Bitmain's statement indicated that the Bureau granted its latest request. Despite securing a victory in this particular case, Zhan has not been registered as the legal representative. So far, the decision only means that Liu has been blocked from serving in that position. Wu is the registered representative now, but Bitmain believes that Liu would " improve the efficiency of internal management ."