Bitcoin mining big Bitmain is experiencing turmoil inside its administration after the corporate despatched out an electronic mail to all employees saying co-founder and government director Micree Ketuan Zhan is ousted.
Jihan Wu, one other co-founder of Bitmain and now chairman of the board, despatched an electronic mail with a topic “important notice” to all employees round Tuesday midday 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 underneath anonymity the authenticity of the interior electronic mail that CoinDesk obtained, and stated it’s just like the model 2.zero of Dec 17, referring to Bitmain’s main layoff in late 2019. Another supply near the corporate stated Bitmain is presently having an pressing all-hands assembly.
A Bitmain spokesperson stated the corporate has no touch upon this in the mean time.
The electronic mail follows information on Tuesday morning that Bitmain has modified its company construction within the registration submitting with authorities companies. Based on new replace, after the change, Wu has taken over the roles of government director and authorized consultant of Bitmain from Zhan.
It’s not clear how Bitmain’s board reached the abrupt choice or if Zhan was purchased out of his shares. As of September final 12 months when Bitmain filed the IPO utility, Zhan was nonetheless a serious shareholder of Bitmain with 36 p.c of Bitmain’s holding firm whereas Wu owned 20 p.c.
Both Wu and Zhan served as co-CEO of Bitmain and stepped down from the function in March this 12 months after its IPO failed.
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