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Author Topic: Bitmain co-founder in legal war against shareholders of the company  (Read 108 times)
Baofeng
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January 10, 2020, 03:52:23 AM
 #1

Last October-Nov, there was a coup in Bitmain company bringing back Jihan to power, now the ousted co-founder is fighting back.

Quote
Bitmain co-founder in legal war against shareholders Micree Zhan Khetuan owned four million Class B shares, which translated to ten votes per share. However, the shareholders decided to reduce Zhan’s control of the firm by reducing each Class B share’s value to one vote instead of ten. As such, Zhan asked Cayman Islands Court to discredit this decision and restore his power. As per the reports, Zhan owned around four million Class B shares while Wu Jihan, the only other holder of the special stocks, only owns half as much. The issue arose in October 2019 when Bitmain co-founder Jihan Wu decided to relieve Zhan Khetuan of his duties. Wu announced in an email that Zhan has left the company and that he has been dismissed of all roles. Since then, Zhan has declared that he was removed from his post without his consent, and he would fight for Bitmain “till the end with legal weapons.” Zhan stated that he was betrayed by his trusted partners and stabbed in the back. He added that for those who want “war,” he would give them one. On the other hand, Wu has warned Bitmain employees against interacting with Zhan. Wu has advised employees from taking directions or participating in meetings organized by Zhan. He has explicitly stated that the company may choose to terminate employment contracts of employees that interact with Zhan. Bitmain intends to reduce the workforce by nearly 50 percent as part of its “personnel optimization plan.” It is believed that this is due to the upcoming Bitcoin halving that would reduce mining rewards by half. Since Bitmain is a crypto mining firm, it cannot support its employees with half block rewards and needs to make adjustments.

https://www.cryptopolitan.com/bitmain-co-founder-in-legal-war-with-company/

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January 10, 2020, 11:34:24 AM
 #2

I do not think that the justification for bitcoin halving is the main reason for exempting employees, because it is a naive comparison, for example, 50% of employees, because the value of the rewards goes down by half.

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January 11, 2020, 11:20:04 PM
Merited by 1Referee (1)
 #3

I do not think that the justification for bitcoin halving is the main reason for exempting employees, because it is a naive comparison, for example, 50% of employees, because the value of the rewards goes down by half.

I think it's just one excuse to reduced its employees, maybe because the company is not really earning as it is supposedly claim. Or probably Jihan is using it to purge the ranks of Bitmain of people who are against him. So nothing to do with bitcoin halving but personal vendetta inside his company.

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January 11, 2020, 11:32:53 PM
 #4

I do not think that the justification for bitcoin halving is the main reason for exempting employees, because it is a naive comparison, for example, 50% of employees, because the value of the rewards goes down by half.

I think it's just one excuse to reduced its employees, maybe because the company is not really earning as it is supposedly claim. Or probably Jihan is using it to purge the ranks of Bitmain of people who are against him. So nothing to do with bitcoin halving but personal vendetta inside his company.

More than likely, a weak excuse to discard employees and those that are in close connection with Zhan will be the first to be terminated. Though we don't know his real intentions here but it will come later once the dust settles. Jihan should give the fair share to Zhan to avoid further conflict and "war". If he doesn't want Zhan within the company, at least give him his share. Because I think, if the other side is being given unreasonable compensation, then he will not stop the "war" that he's talking about.
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January 12, 2020, 01:13:53 AM
 #5

I do not think that the justification for bitcoin halving is the main reason for exempting employees, because it is a naive comparison, for example, 50% of employees, because the value of the rewards goes down by half.

I think it's just one excuse to reduced its employees, maybe because the company is not really earning as it is supposedly claim. Or probably Jihan is using it to purge the ranks of Bitmain of people who are against him. So nothing to do with bitcoin halving but personal vendetta inside his company.

The war going in Bitmain is quite interesting to watch. Both of these personalities are known in the Bitcoin mining industry and whatever they are saying and doing will have ripple effects on the company they are fighting for. Whoever win the upper hand at the end certainly deserves some form of congratulations. Personally, I have no stake on this company and its future so I really do not care, just a spectator of the fight is my fittest description. Whatever can be the real reasons for the plan to trim down the employee list drastically are things these people only know fully. Let's watch further development on this internal Bitmain conflict.
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January 12, 2020, 02:26:26 AM
 #6

I do not think that the justification for bitcoin halving is the main reason for exempting employees, because it is a naive comparison, for example, 50% of employees, because the value of the rewards goes down by half.

I think it's just one excuse to reduced its employees, maybe because the company is not really earning as it is supposedly claim. Or probably Jihan is using it to purge the ranks of Bitmain of people who are against him. So nothing to do with bitcoin halving but personal vendetta inside his company.

More than likely, a weak excuse to discard employees and those that are in close connection with Zhan will be the first to be terminated. Though we don't know his real intentions here but it will come later once the dust settles. Jihan should give the fair share to Zhan to avoid further conflict and "war". If he doesn't want Zhan within the company, at least give him his share. Because I think, if the other side is being given unreasonable compensation, then he will not stop the "war" that he's talking about.
For sure he had some thoughts in regards to this and i do saw that one pushes him is his pride.If they do really care about the company then they should settle it quickly because these conflicts would surely give out negative impressions towards the company.

Alibi or not, the reducing of its employees neither a reason of profit issues or rather personal.



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January 12, 2020, 12:08:06 PM
 #7

I do not think that the justification for bitcoin halving is the main reason for exempting employees, because it is a naive comparison, for example, 50% of employees, because the value of the rewards goes down by half.

I think it's just one excuse to reduced its employees, maybe because the company is not really earning as it is supposedly claim. Or probably Jihan is using it to purge the ranks of Bitmain of people who are against him. So nothing to do with bitcoin halving but personal vendetta inside his company.

More than likely, a weak excuse to discard employees and those that are in close connection with Zhan will be the first to be terminated. Though we don't know his real intentions here but it will come later once the dust settles. Jihan should give the fair share to Zhan to avoid further conflict and "war". If he doesn't want Zhan within the company, at least give him his share. Because I think, if the other side is being given unreasonable compensation, then he will not stop the "war" that he's talking about.

Obviously, his intentions are very clear, get rid of Zhan at all cost and get back the power which he succeeded. So this is really a power struggle between the two and I doubt that anyone will give an inch here. I do hope that we remember how Steve Jobs was kick out of his company Apple before.

@CryptoBry - Yeah I agree, it will have a ripple effect and I think the competitors are greatly benefiting from the said 'war'.

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January 13, 2020, 01:04:33 PM
 #8

Topics of discussion such as this are more of politics than it relates to legal section of the forum. Its not a legal action for the adoption of bitcoin neither is it about laws making that relates to crypto currency couple with the tax element of things. This is purely board room politics that no one cares about. Its simply some capitalists fighting each other on who will get the maximum share of the cake and nothing else eventually they would meet in hotel lobby and greet each other after they must have even resolve to settle out of court with a bigger paycheck.
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January 13, 2020, 01:30:35 PM
 #9

Or probably Jihan is using it to purge the ranks of Bitmain of people who are against him. So nothing to do with bitcoin halving but personal vendetta inside his company.

I think that makes a lot of sense, especially when you take into consideration that the same tactics were used to get him off his CEO seat. In that regard, who is the bad guy? It's pretty much fire against fire and there isn't much that the regular employees can do than to accept being used as collateral damage.

https://www.blockchain.com/pools

Bitmain is losing the battle as most dominant entity within the mining space and that's a great thing for Bitcoin. I hope it will stay like that, but the problem is that you never know what else fills up that gap. It's great seeing such a toxic company lose power slowly but surely, but what if the competitors are even worse?
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January 13, 2020, 09:42:29 PM
 #10

Some might speculate they lost the hash war . ABC tricked them into a split cause fear of strong governance for stable compliant  BitCoin BSV was against their wishes

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January 14, 2020, 02:36:46 PM
 #11

I do not think that the justification for bitcoin halving is the main reason for exempting employees, because it is a naive comparison, for example, 50% of employees, because the value of the rewards goes down by half.

I think it's just one excuse to reduced its employees, maybe because the company is not really earning as it is supposedly claim. Or probably Jihan is using it to purge the ranks of Bitmain of people who are against him. So nothing to do with bitcoin halving but personal vendetta inside his company.

The war going in Bitmain is quite interesting to watch. Both of these personalities are known in the Bitcoin mining industry and whatever they are saying and doing will have ripple effects on the company they are fighting for. Whoever win the upper hand at the end certainly deserves some form of congratulations. Personally, I have no stake on this company and its future so I really do not care, just a spectator of the fight is my fittest description. Whatever can be the real reasons for the plan to trim down the employee list drastically are things these people only know fully. Let's watch further development on this internal Bitmain conflict.

Well it has drastically affected them as a whole, internal bickering like this one will have a domino effect on the industry that they are part of. And look at what @1Referee has posted, it looks like Bitmain is losing their grip and power, is has a bad effect on them. But in the long run, we do love to see them losing some ground so that other might take the place and make mining more decentralised. And let other mining companies learn a lesson from Bitmain internal conflict, CEO should get everything on one page.


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January 14, 2020, 07:53:04 PM
Merited by Baofeng (1)
 #12

Topics of discussion such as this are more of politics than it relates to legal section of the forum. Its not a legal action for the adoption of bitcoin neither is it about laws making that relates to crypto currency couple with the tax element of things. This is purely board room politics that no one cares about. Its simply some capitalists fighting each other on who will get the maximum share of the cake and nothing else eventually they would meet in hotel lobby and greet each other after they must have even resolve to settle out of court with a bigger paycheck.

Honestly you cannot really talk about law without including the politics behind it, even if you attend law school they don't just talk about laws they also talke about vases and politics. This case on Micree about him being forced out of his company is a really big deal especially now when Bitmain is planning to go publicly listed in the USA. This may not be directly related to laws governing on Bitcoin and its adoption but these covers how  a co-founder of a mining manufacturing company got ousted from his company. If these case is done I'm sure that it will give a new precedence in the law which may change the courses of the outcome of other cases related to this.

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