After physically taking control of Bitmain’s Beijing office, deposed CEO Micree Zhan regains control and blocks the delivery of Bitmain products from his Shenzhen factory.
According to BlockBeats sources, Zhan issued an order prohibiting employees from shipping products to Bitmain customers. The reason for doing so remains unclear.
As Cointelegraph reported earlier, Zhan appears to have regained the position of legal representative of Bitmain’s mainland subsidiary, formally owned by a Hong Kong holding company that remains under the control of Jihan Wu.
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Jihan Wu’s response
A statement by Jihan Wu on June 9 sought to reassure employees that the situation is under control. The co-founder said they are resolving the situation through legal channels, referring to the unspecified damage caused by Zhan.
The rest of the statement assured employees that any damages they might suffer would be compensated by Bitmain, and urged them to „work together to protect Bitmain.
The statement appears to be a reflection of the long-running dispute between Zhan and Wu, who are seeking the support of the company’s employees.
Micree Zhan allegedly used private guards to take over the Bitmain branch
The confrontation between Zhan and Wu began in October 2019, when the latter claimed to have returned to the helm of Bitmain to „save the ship,“ expelling Zhan.
Zhan claimed this was done illegally, and subsequently began a long battle to return to the helm of the company, initiating multiple lawsuits in the process.
Bitmain confirms Micree Zhan’s dismissal and threatens him with legal action
The situation seems to have worsened for Wu in May, after reports emerged that a fight broke out in Beijing to snatch the company’s official seal. However, different reports show that this was more of a heated confrontation than a full-blown fight.
In late May, Bitmain issued a statement that simply reaffirmed Zhan’s expulsion, suggesting that the situation was not as safe as it appeared.
Recent actions in June saw Zhan gain ground in the confrontation when he resorted to force, and he now appears to have gained enough control to at least partially disrupt Bitmain’s operations, which had been functioning normally until then.