Bitmain’s Internal Brawl Drags On After Ousted CEO, Micree Zhan, Halts Mining Equipment Shipments
Bitmain's battle for control seems far from over after a recent shipment disruption by Micree Zhan. The ousted CEO physically took over Beijing's office at the beginning of June after hiring private guards. Reports have now emerged that Zhan is interfering with the shipment of mining devices from Bitmain's factory in Shenzhen.
BlockBeats, a Chinese media publication, quoted its sources who allege that Zhan prohibited Bitmain employees from delivering client orders. Notably, the reason behind the move is yet to be clarified. This comes amid the ensued brawl between Zhan and Jihan Wu since October 2019 over Bitmain's control.
Despite being a market leader in the production of crypto mining equipment, Bitmain came under pressure when this internal wrangling started. Wu ousted Zhan by claiming to ‘save the ship' and regaining the top position within the firm's hierarchy. It was then that it got messy and noisy for the Beijing headquartered firm.
Zhan has since filed multiple lawsuits noting that the takeover was illegal. In May, the situation escalated after a brawl erupted over Bitmain's deal. Recent developments now indicate that Zhan might have regained partial control of Bitmain's operations. However, Bitmain had issued a statement towards the end of May confirming Zhan's ouster.
Wu: Situation is Under Control
Following this shakeup, Jihan Wu's side of Bitmain has come out to assure employees that things are under control. According to the update, the team is pursuing damages caused by Micree Zhan through legal channels. It goes on to reassure that Bitmain will compensate all damages suffered by the employees, urging them to “work together to protect Bitmain.”