Ousted Bitmain Co-founder Storms the Company’s Beijing Office with Private Guards to Take Back Control

Bitmain co-founder, Micree Zhan who was ousted from the company last year, has reportedly forced his way into the company’s Beijing office. The news was broken by Primitive Ventures founding partner, Dovey Wan today on twitter. 

OH MAN the #BitMainDrama this video is verified by @BlockBeatsChina

Micree today led a team of private guards crashed Bitmain Beijing office … they broke in by brute force and tried to take back the control (after Jihan’s initial coup and series of outrageous behavior) pic.twitter.com/wkpKJ8Nr8H

— Dovey 以德服人 Wan (@DoveyWan) June 4, 2020

Wan tweeted that Zhan led a team of private guards today, to storm the Bitmain Beijing office. According to him, the guards broke in by brute force and tried to take back control of the office. 

According to another report by BlockBeats news outlet, Zhan has sent out a letter today to Bitmain shareholders andemployees. He reportedly stated in the letter that he had taken back control over Bitmain’s Beijing office. He also askedemployees to return back to the company to resume work as soon as possible. 

Furthermore, he apologized in the letter for the recent issues happening in the company. Zhan also said he will progress Bitmain towards an IPO, and hopes to make the company worth $50 billion in 3 to 5 years. 

Meanwhile, Bitmain claims that Zhan is actually no longer the legal representative of the Beijing subsidiary of Bitmain. According to the company’s Weibo account, a legal team has been engaged to pursue litigation in this matter. By law, a company’s legal representative holds great powers and complete signing authority for the company’s capital and assets.

The power struggles at Bitmain began somewhere in October last year, when Zhan was ousted from the company by JihanWu, Bitmain’s other founder. Wu sent messages to the employees at that time that any Bitmain staff shall no longer take any direction from Zhan, or participate in any meetings organized by him. Zhan has filed a couple of lawsuits against Bitmain since he was ousted.

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