Bitmain CEO Ousts Co-Founder, Biggest Shareholder to ‘Save the Ship’

Altcoin Bitcoin Cash (BCH) has surged 10% antecedently 24 hours after it emerged mining large and main supporter Bitmain had pink-slipped a senior government.

Wu to employees: don't discuss to Micree Ketuan Zhan

In a translation of an e mail from Oct. 29 quoted by crypto information outlet CoinDesk, Bitmain co-founder Jihan Wu expressed that fellow co-founder Micree Ketuan Zhan had left the corporate.

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"Bitmain's co-founder, chairman, legal representative and executive Jihan Wu has definite to dismiss all roles of Ketuan Zhan, effective immediately," it reportedly learn.

Wu extra supplied a warning to those that continued to work together with Zhan: 

"Any Bitmain staff shall no thirster take any direction from Zhan, or participate in any meeting organized by Zhan. Bitmain may, supported the situation, consider terminating employment contracts of those who violate this note."

Zhan is Bitmain's largest shareholder, with a reported 60% stake.

"I have come to save this ship"

Zhan's unforeseen departure Simon Marks the most recent chapter in a collection of unforeseen occurrences at Bitmain. As Cointelegraph reported, Wu himself all of the unforeseen inaccessible his submit as CEO of the corporate in November 2019, as a substitute succession a non-executive position on its board.

Reacting to the e-mail, non-public investor Dovey Wan delineated Wu's tone as "intense" inside the authentic Chinese model. 

"WOW THIS IS MORE DRAMATIC THAN I THOUGHT," she summarized on Twitter. According to Wan, Wu instructed staff that he supposed to take direction with a view to enhance Bitmain's waning share of the Bitcoin mining pie.

"Jihan, literally said to his employees 'I have to come back to save this ship (from sinking),'" she added.

Bitcoin's continued power in 2019 has notwithstandin been a boon for Bitmain and different miners. Last week, executives introduced they supposed to create the world's largest mining facility in Texas. 

Bitcoin Cash, alternatively, has unsuccessful to supply comparable successes. Bitmain is an open supporter of Bitcoin Cash, with Wu notoriously vocal about his personal perception inside the coin.


Bitmain CEO Ousts Co-Founder, Biggest Shareholder to

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