Bitmain founder Jihan Wu forces out co-founder from Bitcoin mining giant
Bloomberg reports Bitmain co-founder, Jihan Wu, who had stepped down from the CEO position earlier this year following a tumultuous aborted IPO process, announced the resignation of his co-founder Micree Zhan Ketuan. The rift appears contentious as Wu warned employees in an internal memo that “taking further instructions from Zhan or attending any meetings he convenes” would lead to dismissal or criminal charges.
Why It matters:
- Interestingly, Zhan is the largest shareholder in the company. Bitmain’s earlier IPO prospectus showed Zhan held a 37% stake in the company to Wu’s 21%.
- Investor Dovey Wan claimed that "Zhan's email was deleted and he was banned from entering into the company's office by security" and that "The whole [Bitmain] HR department was completely cleared up with replacements from Jihan's own people."
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