Bitcoin

Bitmain says the former co-founder’s claims to hold 36% of the shares are unfounded

The world’s largest manufacturer of platforms for cryptocurrency mining, Bitmain made a statement on April 27, condemning attempts by deposed co-founder Micree Ketuan Zhan to take control of Fujian Zhanhua Intelligence Technology Co. Ltd. to recover.

E.In an email from October 29, 2019, the co-founder Jihan Wu announced that he had fired his partner and Bitmain president Micree Zhan. He also strictly warned all Bitmain employees not to contact Zhan or to attend meetings.

After his release, Zhan took legal action to regain his Bitmain position. To date, two complaints have been filed against Bitmain and its subsidiary Fujian Zhanhua Intelligence Technologies.

“I will fight for them [Bitmain] to the end with legal weapons. I will not allow those who want to conspire against Bitmain to succeed. If someone wants war, we give them one. “

Zhan’s claims are lacking legal facts or evidence, Bitmain says

Bitmain says the former co-founder’s claims to hold 36% of the shares are unfounded
Bitmain says the former co-founder’s claims to hold 36% of the shares are unfounded

Micree Zhan sued Fujian Zhanhua Intelligence Technologies, claiming to own 36% of the company’s capital. However Bitmain said in its recent statement that Zhan has not provided evidence of what makes his claims unfounded under the law..

The English translation of the statement also clarified:

“The media-reported decision is just a procedural decision, so the Fuzhou Intermediate People’s Court ultimately decided that the case must be heard by the Fuzhou Changle District People’s Court.”

There was no hearing related to the case, let alone a final verdict, Bitmain said.

Bitmain is not affected by case errors

In an apparently smooth effort to maintain people’s trust in Bitmain, the company specifically mentioned that the results of the case will have no impact on Bitmain’s production or operations.. Fujian Zhanhua will also be under Bitmain’s absolute control, the statement said.

However, it is interesting to note that Bitmain hasn’t done the best since last year. Was on January 2nd, 2019 Cointelegraph reported that Bitmain was planning to cut 50% of its staff in dealing with other legal complications.

At the moment The fate of the largest mining company seems bleak due to corporate policy and ongoing legal complications. The upcoming halving of Bitcoin (BTC) is likely to only make the situation worse.

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