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Bitmain Co-founder Micree Zhan Opts for Legal Action against Bitmain over his Ouster as Company CEO

Bitcoin mining giant Bitmain’s ousted CEO Micree Ketuan Zhan has chosen to break his silence on his ouster last week by Bitmain co-founder Jihan Wu.

Zhan wrote an open letter on Thursday, shared with his WeChat followers and reposted on Twitter by Samson Mow, the CEO of Blockstream.

In the letter, Zhan promised to take his fight to court and regain his position as the CEO of the leading chip manufacturer.

Zhan claims that he was removed from his company without his consent while on a “business trip” abroad. Zhan is the largest single shareholder in the giant bitcoin miner company.

In his letter, he accused his business partners of backstabbing without directly mentioning any names.

“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,”

Zhan said adding that:

“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.”

In last week’s abrupt coup, Wu sent an email to all Bitmain employees proclaiming that he had suspended Zhan from the company.

“Bitmain’s co-founder, chairman, legal representative, and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately,”

Wu wrote adding threats of termination of contracts for any employee who would support Zhan. It has been rather silent since last week with Zhan keeping a low profile and avoiding any media interviews on the ouster.

Zhan is promising his return to the helm of the company saying that he will “return to the company as soon as possible through legal methods to end this very critical moment.” Apparently, he is not afraid of war saying that:

“Bitmain is our child. I will fight for her till the end with legal weapons. I won’t allow those who want to plot against Bitmain to succeed. If someone wants a war, we will give them one.”

His letter also mentioned his plans on market domination once he is back at the helm writing that “We want to achieve the goal of 90% market share of bitcoin miner manufacturing market! Our AI business can achieve a qualitative breakthrough of about 100 million Yuan [~$14.25M] in revenue in 2019, and can expect 1 billion Yuan [~$143M] in 2020.”

Omar Jones
Omar Jones
A Senior News Editor with Crypto-Economy. Responsible for researching and writing on breaking news and featured reports. Introduced to cryptocurrency in 2016, and now educating learners and investors in the blockchain industry during his free time.
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