The power struggle in Bitmain seems to have intensified enormously As of June 3 to 4, reports circulated that Micree Zhan hired guards to take over the company’s Beijing office.
According to publication From BlockBeats, former CEO Micree Zhan led a team of “Bao Ans” or private guards. to physically take over the Bitmain office in Beijing on June 3rd.
The report includes a video that was broadcast through various official Chinese media channels.
The next day, an open letter from Zhan started to circulate on Chinese social media.
In the document Zhan claimed to have regained control of the Beijing office and asked employees to return to the office as soon as normal work resumed. He said that all along Litigation continues, The process should be resolved soon.
Most recently, Zhan confirmed Bitmain’s commitment to Development of advanced chips and continuation of the dynamics of blockchain and AI hardware. He promised that Bitmain’s exit process would also resume, hoping to do so reach a market value of more than $ 50 billion.
Another statement Mars Finance posted on Baidu seems to show a new official Bitmain company seal It was introduced in Beijing on June 1 after the previous seal was invalidated on May 8.
Jihan Wu’s answer
According to Mars Finance, Bitmain’s other major shareholder, Jihan Wu made a statement by the Hong Kong company from Bitmain who claims that Zhan forged the seal. Wu condemned the acquisition and found that The Hong Kong company remains the sole shareholder of the company in mainland China.
However, rumors on Chinese social media suggest this Wu’s legal position may not be as strong as implied. Apparently, Zhan assumed the position of legal representative, Wu is asked to transfer employee contracts to a new legal entity. This information is partially confirmed through public records showing the establishment of a new Bitmain subsidiary represented by Ge Yueshang.
The power struggle continues
end of May Bitmain released statements that Micree Zhan was officially expelled since October 2019. The reports mentioned above would point this out This was not the last chapter in the power struggle. how the document was trying to demonstrate.
There were reports of this in early May Zhan had been in a physical fight to keep command of the company.
Before, Zhan had filed two lawsuits against different Bitmain units in an attempt to regain his position.