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Ousted Bitmain co-founder reportedly takes control of company factory in Shenzhen, suspends shipments

Source: The Block

Quick Take

  • The dispute between Bitmain’s co-founders, Micree Zhan and Jihan Wu, has taken a new turn as the former reportedly took control over the company’s Shenzhen factory and prevented Bitmain from shipping mining equipment to paying customers
  • Following a recent decision by the local justice bureau to support Zhan’s side of the battle, the ousted co-founder has been making a series of personnel changes while Wu continues to deny Zhan’s legal rights to do so.
Ousted Bitmain co-founder Micree Zhan has taken over the company's factory in Shenzhen and demanded manufacturers to stop shipping miners to customers, according to reports. 
According to Wushuo Blockchain, a local media outlet founded by a former Bitmain employee, Bitmain's supplier team in Shenzhen has joined Zhan's side of the battle as Zhan continues to fight for control over the company with Bitmain's other cofounder Jihan Wu. BlockBeats, another Chinese outlet, also reported the news.
Zhan has reportedly intercepted the mining equipment that Bitmain customers have already paid for and is selling it to miners close to him. Meanwhile, the report claims, Zhan is unable to access Bitmain's IT and finance departments in Beijing and is asking customers to send money before equipment can be shipped.
The developments represent the latest twist in a long-running power struggle between the co-founders of the bitcoin mining hardware giant.
In October 2019, Wu abruptly took over Zhan's position as Bitmain's CEO and legal representative. Zhan has been working to reclaim influence ever since. In April, a local justice bureau in Beijing sided with Zhan and reversed a previous decision that approved Bitmain's move to dismiss him. 
As Wushuo Blockchain reported, Zhan recently sent out a letter to Bitmain's employees and shareholders, saying that he had regained control over Bitmain's office in China. On Wednesday, his new human resources team reportedly removed a number of employees including Bitmain's CFO, director of mining farm, and director of sales. In the meantime, Wu has issued a letter stating that Zhan has no legal rights to dismiss or hire any Bitmain personnel.

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