RATE Group | Bitmain Co-Founder Files To Regain Control
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Bitmain Co-Founder Files To Regain Control

03 Jan Bitmain Co-Founder Files To Regain Control

Posted at 19:55h in Cryptocurrency News by

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The co-founder of Bitmain Technologies, Micree Zhan, has filed a summons in the Cayman Islands to try and wrest back control of his company after an ouster, according to a report by Bloomberg.

The battle is for one of the biggest cryptocurrency miners in the world. Zhan filed the notice under the Great Simplicity Investment Corporation, which he owns. It was filed in December and asks the court to undo a decision that saw him lose voting control in Bitmain.

Zhan lost voting control in November at a general meeting, when shareholders voted to convert the company’s Class B shares to only one vote per share, whereas they were worth 10 before. That vote cost Zhan all of his influence.

The conflict with Zhan has been ongoing, and he lost his titles in Bitmain in October. Now, Chief Executive Officer Wu Jihan is in charge of the company, and he’s been hosting events and trying to move forward from Zhan’s ouster by showing off sales initiatives…

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