A Look Into Bitmain’s Legal Action Against Ousted Co-Founder Micree Zhan 

A Look Into Bitmain’s Legal Action Against Ousted Co-Founder Micree Zhan 

Bitmain, one of many largest mining {hardware} producers on the earth, has issued two statements concerning Micree Zhan, the corporate’s ousted founder. The firm confirmed that Zhan has been faraway from the corporate by its shareholders in October final yr and has threatened him with authorized motion if he was to proceed to “characterize” Bitmain.
Drama With Bitmain Co-Founder Micree Zhan Continues
The energy wrestle inside Bitmain, one of many largest producers of mining {hardware} on the earth, reveals no indicators of stopping. In the newest bout of drama coming from the corporate, Bitmain has issued two statements concerning Micree Zhan, the corporate’s co-founder. 
Published on Chinese social media platform Weibo, the statements confirmed that Zhan was ousted from the corporate on Oct. 28, 2019. This, Bitmain stated, was a call made by the corporate’s shareholders.  On Nov. 5, the corporate accredited the manager director’s determination to take away Zhan from Bitmain’s administration, it stated within the assertion. 
Screengrab exhibiting one in every of Bitmain’s statements on Weibo concerning Micree Zhan. (Source: Twitter)
Bitmain additionally said that Zhan has no authorized proper to characterize the corporate or difficulty any sort of notices neither to the general public or to Bitmain’s staff. 
Threatening Legal Action
As Zhan has reportedly acted in opposition to the shareholders’ determination and acted as the corporate’s authorized consultant on a number of events, Bitmain has licensed “authorized motion” in opposition to him. It remains to be unclear whether or not or not the corporate really filed a lawsuit in opposition to Zhan. 
Bitmain went so far as to ban the entire firm’s staff from participating with Zhan in any matter and event. In the May 27 assertion, Bitmain stated that the corporate’s administration and staff who’re discovered to have engaged with Zhan or have responded to any of his requests may face authorized motion. 
The firm’s place concerning Zhan hasn’t modified within the six months since he was ousted. Back in October 2019, when Zhan was faraway from his place as CEO and co-founder of Bitmain, the corporate’s different co-founder and present CEO Jihan Wu made related statements and threats in opposition to his staff.
What these statements made clear is the truth that the wrestle for management over Bitmain remains to be on. Zhan presently has two lawsuits in opposition to the corporate opened and is the proprietor of nearly all of Bitmain’s shares. 

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