As per the reports, exiled co-founder of Bitmain, Micree Zhan has forcefully taken over the management of the Shenzhen-based company. The battle for supremacy in Bitmain shot up between the two co-founders, compromising the shipment of new mining hardware to their buyers
In addition, customers state they had already paid Bitmain in advance for the mining hardware. They claim the payments were transferred to an account belonging to one of the arms of the firm.
According to one of the employees at Bitmain’s Shenzhen factory, dispatch vehicles were barred from accessing the factory’s premises. Employees are obliged to follow instructions given by Zhan, who is the current legal representative of the company.
Don’t order antminer from bitmain anymore, cuz you won’t be able to receive it for awhile. after Micree took back the control of bitmain, he’s now control the bitmain’s factory in Shenzhen , and started to stopped the shippment of antminers. https://t.co/wjV3463bPL pic.twitter.com/l1NdtR32mZ
— Molly (@bigmagicdao) June 11, 2020
Jihan wu’s reaction
On the other hand, Jihan Wu, another co-founder of Bitmain, attempted to reclaim his power through an announcement made and signed by Bitmain Technologies Limited. In the statement, he stated that the company was seeking redress against Zhan ‘s actions.
Wu also advised employees of the company not to listen to Zhan, and to sort out the disturbance. In addition, he assured Bitmain ‘s employees of compensation in the event of any risks they may face.
Battle for Supremacy at Bitmain
The feud between the two co-founders began when Wu exiled Zhan in October 2019, claiming that he had come to steer’ the ship.’ In response, Zhan claimed that the takeover was carried out by illicit means and then waged a war against Wu to control the business. To spark the battle for supremacy in Bitmain, Zhan launched a series of lawsuits against Wu.
Until now, the conflict between the two co-founders has not affected the daily routine of the Chinese-based company. Notably, the Beijing boardroom brawl did not have any impact on operations far away in Shenzhen.
The current reports at the Shenzhen-based factory show that the row between the two has taken a dramatic twist. With the shipping of mining equipment at a halt, this might impact production at the factory.