Bitmain Co-Founder Claims He Was Illegally Removed, Plans to Sue

[cheezcarls]

Micree Zhan, the former co-founder of Bitmain, will be pressing charges against the hardware manufacturing giant. He claims that he was removed from the company illegally.

With Jihan Wu now leading Bitmain, its former co-founder is claiming this was an illegal power grab—and he plans to take action.

Read the rest of the news here

Uh oh! Illegally removed? I don't know about this guys, but is this really true? I know that it's common to have "corporate issues" in any company like Bitmain. They're doing very well, especially that their revenue is so huge last 2017. The former co-founder of Bitmain, Micree Zhan, claims that he was being removed as the CEO without prior consent.

Sounds to me that someone being removed from the CEO position without permission or consent is totally absurd. Of course, he can sue them, but we won't know if his claims were true or not.

If I were on his position though, I would likely gonna sue them as well for not doing this professionally. But what do you think about this shocking move guys?

[figmentofmyass]

Uh oh! Illegally removed? I don't know about this guys, but is this really true? I know that it's common to have "corporate issues" in any company like Bitmain. They're doing very well, especially that their revenue is so huge last 2017. The former co-founder of Bitmain, Micree Zhan, claims that he was being removed as the CEO without prior consent.

this time last year, a similar story emerged where it was jihan wu who had reportedly been ousted from bitmain's board of executives and demoted to a "supervisor" position: https://cointelegraph.com/news/bitmain-co-founder-jihan-wu-loses-executive-power-in-board-reshuffle-says-chinese-media

a few days later bitmain denied the reports, claiming that the board reshuffle merely regarded a subsidiary company, not bitmain itself: https://www.coindesk.com/bitmain-denies-reports-that-ceo-jihan-wu-was-ousted-from-its-board

so i'm curious to see how this all pans out. based on what micree zhan is saying, this story does sound a bit more serious/real than the one last year:

“I have never thought that as a person focusing on technology and product, I have to start thinking from legal perspectives. It was embarrassing that as a Bitmain co-founder, the biggest shareholder, and a registered legal representative, I got ousted without any knowledge in this coup while on a business trip,” he wrote, adding:

“I didn’t realize until then that those scenes in TV shows, where you get stabbed on your back by those partners you trusted and ‘brothers’ you fought together with, can really happen in real life.”

[bitmover]

I think this is good for bitcoin.
The more bitman fights between themselves, less mining centralization. I hope this co founder makes another company

[jossiel]

Uh oh! Illegally removed? I don't know about this guys, but is this really true?

It might be true and that's why he's fighting for it because if it isn't true, we'll eventually know it.

They're doing very well, especially that their revenue is so huge last 2017. T

2018 wasn't a good year for them though.

This issue is going to be tuned in by most in the community.

[Yaunfitda]

Uh oh! Illegally removed? I don't know about this guys, but is this really true?

It might be true and that's why he's fighting for it because if it isn't true, we'll eventually know it.

They're doing very well, especially that their revenue is so huge last 2017. T

2018 wasn't a good year for them though.

This issue is going to be tuned in by most in the community.

Perhaps the truth might resurfaces later.

However, this reflects the true situation of the company itself. I mean there's back and forth squabbles between the top honcho of Bitmain and it doesn't good look at all.

Of course they are a billion dollar company now, started from nothing and look at how the company is turning right now. Definitely we have seen this is the past, just like what the board of directors did to Steve Jobs during his prime, but come to think of it, what could be the reasons, if this is true, revenge? personal vendetta?

[Quidat]

Who would be the one wont sue out nor making some reactions if hes been removed into a certain position without any notice?
Of course he can sue em out but we dont know actually on the real reason on such situation but these kind of problems isnt
really rare into a company though.Im not seeing any updates yet regarding on this issue though.

[squatter]

Mow postulates that Zhan's removal was executed without investor or shareholder approval "because the change was messy."

Wu had warned Bitmain staff from interacting with Zhan, saying, "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."

The warning to employees in addition to a series of seemingly rushed appointments following Zhan's departure has led Mow to "feel that a #BitmainCivilWar is just starting."

This looks really messy!

I feel like we're missing some crucial pieces of this story. If the move didn't have shareholder approval -- and Zhan is apparently the single largest shareholder at 37% ownership -- what the hell was Jihan Wu thinking? That Zhan would just quietly walk away?

I think this is good for bitcoin.
The more bitman fights between themselves, less mining centralization.

Agreed there, although I would have preferred to see Jihan Wu ousted. Of the two, Zhan always seemed like the voice of reason.

[100bitcoin]

LMAO. Crypto space is never short of drama.

[darkangel11]

As I recall Jihan was removed first because he lost a lot of money for the company by agreeing to mine BCH with Roger Ver. Ver sold Wu on the idea that BCH would be the next Bitcoin and if they managed to get more value and miners would switch the BTC network would become even slower than ti was in 2017 and make people start using BCH. The price of BTC would lose value and BCH would become the coin with the highest market cap making early holders like Ver and his friend Calvin into billionaires.
We all know how that ended.

A year later Jihan took revenge on his partner. He had a lot of time to work the board so I'd say the removal was "legal" just not done in the nice friendly manner. More like a coup de grace, but what in the corporate world is nice? Probably getting money under the table and fucking interns.

[Kemarit]

As I recall Jihan was removed first because he lost a lot of money for the company by agreeing to mine BCH with Roger Ver. Ver sold Wu on the idea that BCH would be the next Bitcoin and if they managed to get more value and miners would switch the BTC network would become even slower than ti was in 2017 and make people start using BCH. The price of BTC would lose value and BCH would become the coin with the highest market cap making early holders like Ver and his friend Calvin into billionaires.
We all know how that ended.

And I was also under the impression that he try to sell Jihan the idea of pushing a IPO which eventually failed in Hongkong and I think that was the last straw that made the coup to oust Jihan that time although he try to hide it my saying it was just a reshuffle.

A year later Jihan took revenge on his partner. He had a lot of time to work the board so I'd say the removal was "legal" just not done in the nice friendly manner. More like a coup de grace, but what in the corporate world is nice? Probably getting money under the table and fucking interns.

Probably they're just trying to camouflage the ouster and make it more friendly, Lol. But still it just tells how Jihan is still powerful inside the corporation he built, yes it's a bit messy but at the end of the day he is still on top.

[CryptoBry]

If I were on his position though, I would likely gonna sue them as well for not doing this professionally. But what do you think about this shocking move guys?

The only way the truth can be exposed is if there will be someone who will file a case against the one currently occupying the top post in Bitmain, Jihan Wu. I am sure though that nobody in this case can call himself as the innocent bystander, all of them are participating in a corporate jamboree of sort and in one way or another guilty of manipulations and maneuverings, it is just that Jihan Wu won the race or the corporate war. I am not privy or anyone of us here to this incident so we do not have personal knowledge on things that transpired so let's just wait for the case to take its course, if there can be no legally binding compromise between the two. By the way, I love that headline image used in this topic...children just playing around in an explosive volcano or maybe a geyser.

[SaShiRaJaVu]

this time last year, a similar story emerged where it was jihan wu who had reportedly been ousted from bitmain's board of executives and demoted to a "supervisor" position: https://cointelegraph.com/news/bitmain-co-founder-jihan-wu-loses-executive-power-in-board-reshuffle-says-chinese-media
a few days later bitmain denied the reports, claiming that the board reshuffle merely regarded a subsidiary company, not bitmain itself: https://www.coindesk.com/bitmain-denies-reports-that-ceo-jihan-wu-was-ousted-from-its-board
so i'm curious to see how this all pans out. based on what micree zhan is saying, this story does sound a bit more serious/real than the one last year:

May be the reason for these rumors to spread outside the company was Jihan Wu was really ousted as a board member and may be Micree Zhan was behind it and Jihan might have intervened and took over the situation and now he is paying back the same and it is possible that is the situation here.
It is a billion dollar company and these power struggle will happen to be the sole face of the company and let the drama continue and see what happens.

A year later Jihan took revenge on his partner. He had a lot of time to work the board so I'd say the removal was "legal" just not done in the nice friendly manner. More like a coup de grace, but what in the corporate world is nice? Probably getting money under the table and fucking interns.

This is exactly what i am thinking, it is a power battle between the two.

 

[audaciousbeing]

Nobody removed from a company he co-founded would go out without a fight no matter the guise under which he was made to leave. The moment your dream is big to accommodate external investors who forced you to have a Board of directors, you no longer hold those almighty right you thought because you will be placed on a salary which makes you an employee just like anyone else in the company and in your own case, you answer to the board. The moment you don't the internal politics does just not agree with you, you are already on your way out. You don't have to do anything wrong. Just nonalignment of thoughts is enough.

Suing really won't change anything because the court would not force an employee over a company rather, the court would only asked he be paid damages and if the company does not want that kind of publicity, they would settle amicably nothing more nothing less. Its a business transaction. He only needs to play his card right to get as much as possible compensation.

[Soros Shorts]

I think this is good for bitcoin.
The more bitman fights between themselves, less mining centralization.

Agreed there, although I would have preferred to see Jihan Wu ousted. Of the two, Zhan always seemed like the voice of reason.

Not so sure about decentralizing mining. I've always thought that Zhan has lately been trying to diversify the company away from mining. If anything this would re-focus Bitmain's efforts as an ASIC supplier.

[figmentofmyass]

Not so sure about decentralizing mining. I've always thought that Zhan has lately been trying to diversify the company away from mining. If anything this would re-focus Bitmain's efforts as an ASIC supplier.

that's one angle to consider. tbh i've never heard much of anything about micree zhan.

regardless, i could see a power struggle or civil war at the heart of bitmain outweighing any such re-focusing efforts. it could drain significant resources and/or make their operation/management inefficient if the two sides don't reconcile quickly. that could open up a vacuum for increased competition among ASIC manufacturers.

[Kemarit]

I think this is good for bitcoin.
The more bitman fights between themselves, less mining centralization.

Agreed there, although I would have preferred to see Jihan Wu ousted. Of the two, Zhan always seemed like the voice of reason.

Not so sure about decentralizing mining. I've always thought that Zhan has lately been trying to diversify the company away from mining. If anything this would re-focus Bitmain's efforts as an ASIC supplier.

Very interesting. Perhaps there are group of people inside Bitmain or at least board of directors who wanted this company to head in this direction that's why Jihan was booted out. But then again, loyalist are still around, just waiting for the perfect time to pull out a coup d'etat to reinstall Jihan and steer the company to the old and traditional way of supplying the world with mining hardware and wanted to bring back that monopoly and stomped on their competition.