Mining giant Bitmain drives out co-founder Micree Zhan, BCH surges

Bitmain, one of the largest mining hardware manufacturers in the world, has ousted co-founder and largest shareholder Micree Zhan Ketuan in what seems to have been a bloody power struggle within the company.

Bitmain CEO Jihan Wu announced Zhan's in an internal memo, where he warned employees against taking instructions from Zhan.Bitmain's biggest shareholders ousted.

Shockwaves were sent through the crypto community when Bitmain CEO Jihan Wu announced that the co-founder and former director Micree Zhan has been ousted.

First shared on Twitter by Dovey Wan, the founding partner at Primitive Crypto, news about Micree Zhan's ousting was announced in an internal memo sent to all Bitmain employees.

The memo, titled "Important notice," said that Jihan Wu has decided to dismiss "All roles" fulfilled by Micree Zhan, effective immediately.

Bitmain staff was warned not to take instructions from Zhan or participate in any meetings organized or attended b Zhan.

Wu will be taking over as the sole legal representative of Bitmain, which is one of the largest mining hardware manufacturers in the world.

According to pre-IPO documentation the company filed back in 2018, Wu has a 20.5 percent stake in the company, while Zhan owns 36.5 percent.

According to Dovey Wan, local Chinese media reported that sources close to Zhan said he was ousted "In an ugly way" which made him consider dumping the 1.6 million BCH he owns.

Samson Mow, the chief security officer at Blockstream, revealed that Zhan was referred to as a "Manager" of the company in the latest corporate update Bitmain's investors received on Oct. 28.