Bitcoin Cash (BCH) to Crash? The Battle of Bitmain Leaders Takes an Ugly Turn

According to the latest reports, the co-founder and chief executive director of the Bitcoin mining giant Bitmain, Micree Keutan Zhan has been removed from his position.

Chairman of the board Jihan Wu, who is another Bitmain co-founder sent an email to the staff saying,

“Bitmain’s co-founder, chairman, legal representative, and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately. No one should take orders from him or attend his meeting.”

Reportedly, Wu also said to his employees,

“I have to come back to save this ship (from sinking).”

Both Zhan and Wu served as the co-CEO of Bitmain and stepped down from the position in March this year after the IPO failed.

Getting Bitmain on the Right Track

Dovey Wan, the founding partner of Primitive Ventures shared this internal email in a tweet which further states,

"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"

— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) October 29, 2019

She said the statement undertones that under the leadership of Zhan, Bitmain was a,

“total mess and chaos, loss tracks and didn’t focus.”

Zhan’s removal from the company has been an “unconventional” one as he has already been banned from entering into the company’s office and reportedly the entire HR department was also replaced.

This, however, can be tricky because Zhan is the largest shareholder of Bitmain, more than Jihan. As of Sept. last year when Bitmain filed its IPO application, it has been revealed that Zhan was the major shareholder with 36% of Bitmain’s holding company while Wu owned 26% percent.

BREAKING

According to public record, Jihan Wu took over Micree Zhan as the legal representative of Bitmain in China

Under China law, this means he serves as the legal embodiment of the company, which is a crucial role

Bitmain obviously can't sit still while Canaan filed IPO

— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) October 29, 2019

Now, things can get ugly for Bitcoin Cash (BCH) if Zhan decides to dump his 1.6 million BCH. This won't be the first time that founders breakups have lead to a dump, just not of BCH scale.

However, BCH is currently the biggest gainer among the top cryptocurrencies, up by 7.89% while trading at $286, as per Coincodex.