Bitcoin mining giant Bitmain is experiencing turmoil inside its management after the company sent out an email to all staff announcing co-founder and executive director Micree Ketuan Zhan is ousted. His place was taken by Jihan Wu, from then on approved by the board of directors as CEO.
Jihan Wu, another co-founder of Bitmain and now chairman of the board, sent an email with a subject “important notice” to all staff around Tuesday noon Beijing time, saying:
“Bitmain’s co-founder, chairman, legal representative and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately. Any Bitmain staff shall no longer take any direction from Zhan, or participate in any meeting organized by Zhan. Bitmain may, based on the situation, consider terminating employment contracts of those who violate this note.” - the crypto-entrepreneur warned.
It also became known that Bitmain has changed its organizational structure, indicating Wu as a legal representative and executive director. Jihan Wu is a former and now current CEO of Bitmain. According to experts, he controls a 20.5% stake in the company. Micree Ketuan Zhan owns a 36.5% stake in Bitmain. After the news of the leadership change, Bitcoin Cash grew by 14%. Cryptocurrency is now trading at around $286.
Both Wu and Zhan served as co-CEO of Bitmain and stepped down from the role in March this year after its IPO failed. The fact that Jihan Wu leaves Bitmain, it became known in December last year. Rumors immediately appeared in the community that Wu could leave the company to launch a startup focused on the Bitcoin Cash ecosystem.
As a result, in July this year, Jihan Wu, together with some ex-employees of the mining giant, launched a new platform for over-the-counter trading, lending and storing digital assets.