The drama surrounding one of the world's largest Bitcoin mining equipment manufacturers, Bitmain, continues. According insights Recent exile Bitmain co-founder Micree Ketuan Zhan used private guards to raid the company's Beijing offices today.
The controversy over Bitmain's leadership continues in full force. A video showing several uniformed men marching in an office building is all over crypto Twitter. According to Dovey Wan, a popular cryptocurrency commentator, it shows private guards hired by exiled Bitmain co-founder Micree Ketuan Zhan. And that he used 'brute force' to storm the company's offices in Beijing, China.
[amazon box="B073BX57M1"]Bitmain, a company "without control"
Wan, who is also a founding partner at Primitive Ventures, says the information is verified by a popular Chinese media outlet. Allegedly, the ousted executive "tried to regain control» about the company after being ousted by Jihan Wu, another co-founder of Bitmain Technologies.
In March 2019, Jihan Wu resigned as co-CEO of the company after his failed IPO. At that point, it was Micree who took over. However, at that time, Wu released an email from the company. Dismissing all Micree features with immediate effect. "Any Bitmain staff member will no longer take any direction from Zhan, nor will participate in any meeting hosted by Zhan”Reads the email.
In early 2020, Zhan obtained a legal victory, appealing the decision that allowed CFO Luyaou Liu to be registered as the company's Beijing legal representative of the company. Although Zhan was not instituted as a representative, he blocked Liu.
It is interesting to see if Bitmain will follow up on your intentions to request an IPO. Since you have continuously lowered your goals since you first did it. In any case, the company is unlikely to be close to getting a public listing unless the infighting is somehow resolved.
