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Co-founder of Bitmain continues to fight for control


The overthrown Bitmain co-founder, Micree Ketuan Zhan, has filed a new lawsuit as an attempt to regain the position of CEO of the crypto company.

The complaint was made in the court of the Chinese district of Fujian. Zhan used his other companies as a basis for the complaint. Highlighting that they are called Fujian Zhanhua Intelligence Technologies and Beijing Bitmain Technologies.

According to the notice granted by the court yesterday, March 9, the complaint was filed on February 11. However, according to other sources, everything had to be delayed by the start and spread of the Coronavirus, with the provinces in China 🇨🇳 quarantined.

A new complaint for the control of Bitmain

This new case adds the litigation that both parties have in the jurisdiction in the Cayman Islands 🇰🇾. Started in October of 2019, which was also an attempt by Micree Ketuan Zhan to recover the company he helped found.

On this Caribbean island, the co-founder is demanding that the decision approved at a meeting of shareholders that significantly reduced their voting power be annulled. Remembering that the decision caused his dismissal of Bitmain.

“The co-founder, president, legal representative and CEO of Bitmain, Jihan Wu, decided to discard all the roles of Ketuan Zhan, effective immediately.”

It was read in the letter after the shareholders meeting.

It is worth noting that Bitmain is not just any crypto company, since it is the largest producer of crypto mining hardwares in the world.

The lawsuit in China also followed an asset protection petition filed by Zhan, approved by the same court in December. Although he did not resume until yesterday.

The Fujian District Court ruled in favor of Zhan’s side to freeze 36% of the incorporated shares, equivalent to 10 million yuan of Fujian Zhanhua, owned by Bitmain, worth 3.6 million yuan, or $ 500,000

“I will fight for her until the end with legal weapons. I will not allow those who want to conspire against Bitmain to succeed. If someone wants a war, we will give him one. ”

Ketuan Zhan expressed.

According to the jury’s decision, Beijing Bitmain assets will be protected. Which may not transfer or promise these frozen assets as collateral, nor may it increase the total incorporated capital of the subsidiary to dilute the percentage of the frozen property.

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