Bitmain Turmoil: Co-Founder and Executive Director Micree Zhan Ousted

Bitcoin mining giant Bitmain is experiencing turmoil inside its management co-founder and executive director Micree Ketuan Zhan is ousted.

AccessTimeIconOct 29, 2019 at 5:22 a.m. UTC
Updated Sep 13, 2021 at 11:38 a.m. UTC

In a surprising move, Beijing-based bitcoin mining giant Bitmain has ousted co-founder and executive director Micree Ketuan Zhan, according to an internal email sent to staff.

Jihan Wu, another co-founder of Bitmain and now chairman of the board, sent an email with a subject "important notice" to all staff around Tuesday noon Beijing time, saying:

"Bitmain's co-founder, chairman, legal representative and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately. Any Bitmain staff shall no longer take any direction from Zhan, or participate in any meeting organized by Zhan. Bitmain may, based on the situation, consider terminating employment contracts of those who violate this note."

One Bitmain staffer confirmed to CoinDesk under anonymity the authenticity of the internal email that CoinDesk obtained, and said it is like the version 2.0 of Dec 17, referring to Bitmain's major layoff in late 2018. Another source close to the company said Bitmain is currently having an urgent all-hands meeting as staffers were shocked by the sudden notice.

A Bitmain spokesperson said the company has no comment on this at the moment.

The email follows news on Tuesday morning that Bitmain has changed its corporate structure in the registration filing with government agencies. Based on new update, after the change, Wu has taken over the roles of executive director and legal representative of Bitmain from Zhan.

It's not clear how Bitmain's board reached the abrupt decision or if Zhan was bought out of his shares. As of September last year when Bitmain filed the IPO application, Zhan was still a major shareholder of Bitmain with 36 percent of Bitmain's holding company while Wu owned 20 percent.

Both Wu and Zhan served as co-CEO of Bitmain and stepped down from the role in March this year after its IPO failed.

Jihan Wu image via CoinDesk

Editor's note: This article has been updated to clarify that Zhan owns 60 percent of Beijing Bitmain Technology but only owns 36 percent of Bitmain Holdings, the parent company of the Beijing Bitmain subsidiary. 


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities

As Three Arrows Capital collapsed under market pressure, its much-lesser known trading desk, TPS Capital, remained active, sources say. But a complex ownership structure might frustrate creditors' efforts to collect.

CoinDesk - Unknown
2
CoinDesk - Unknown
June Was Bitcoin’s Worst Month Ever

Plus, European crypto regulation comes into view.

CoinDesk - Unknown
3
CoinDesk - Unknown
What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years

Poor macroeconomic sentiment, fears of inflation and systemic risks from the crypto market pushed the cryptocurrency below 2017’s highs.

CoinDesk - Unknown
4
CoinDesk - Unknown
Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding

A British Virgin Islands court ordered Three Arrows' BVI branch into liquidation earlier this week.

CoinDesk - Unknown