The executive director at the crypto mining firm Bitmain and one of the richest crypto billionaires in the world, Micree Zhan, was reportedly ousted from his own company on Tuesday. Zhan was the Bitmain director and is known for being the wealthiest cryptocurrency billionaire according to the Hurun Rich List.
Traders are currently worried that Zhan could dump his 1.6 million Bitcoin Cash (BCH) in retaliation. The co-founder and executive director at the mining firm has reportedly been forced out of the company in a bitter clash with his business partner, Jihan Wu.
A statement issued to the Chinese media portals shows that Bitmain confirmed the news about Wu taking control:
“We believe under the leadership of Jihan, Bitmain will be back to its original mission statement, focus on core competence, expand business organically and orderly. Will become a world-class tech company”
What’s interesting is that even despite the fact that Zhan owns 1.6 million in Bitcoin Cash (BCH), there is no scarcity on the market – in the latest Bitcoin Cash price news we can see that BCH gained 9% overnight and has no signs of stopping the surge.
Meanwhile, the Bitmain director Zhan was the largest Bitmain shareholder with 36.5% ownership. That is why this is seen as a drama in the crypto news – and a continuation of a series of executive shakeups in the crypto mining company – seen ever since the firm delayed its IPO. Proof for that can also be found on Twitter, where users are starting to share more details about the case.
WOW THIS IS MORE DRAMATIC THAN I THOUGHT
Got this internal email from Bitmain where Jihan sent to the whole company, this is INTENSE
”Micree Zhan is dismissed from all operating positions from the company immediately. No one should take order from him or attend his meeting"👀 pic.twitter.com/aguM5Rzg1b— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) October 29, 2019
Dovey Wan, who is a founding partner of Primitive Crypto, also talked about the Bitmain director overnight – and documented the fallout, translating Chinese media reports. She said:
“Micree Zhan’s email was deleted and already banned from entering into the company’s office by security. The whole HR department was completely cleared up with replacement from Jihan’s own people.”
People are wondering how did Bitmain force out its largest stakeholder. On the flip side, many are worried about Zhan potentially dumping his BCH holdings on the market in retaliation. Doing so will definitely have a negative impact on the price of BCH.
#BitmainDrama episode 2
Chinese news reported: according to who’s close to the matter, Micree was outcasted in an ugly way, he may consider dump $BCH he owns .. which is 1.6M BCH total 🤯🤯
This will be extremely irrational if true, it’s nuts 🥜 @TheCryptoDog @VentureCoinist pic.twitter.com/9oLPe2x4JO— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) October 29, 2019
As Samson Mow who is the CSO at Blockstream said, the “Bitmain civil war is just starting.”
Actually, looks more like Micree was forced out. The question is how? Micree is still a majority shareholder of Bitmain Beijing as well a large shareholder of the parent Bitmain holding co. This looks like power play by Jihan & still has yet to play out. #BitmainDrama #BitmainIPO https://t.co/bS4eCSrC1e— Samson Mow (@Excellion) October 29, 2019
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