Bitcoin mining giant, Bitmain, is in crisis after the company sent an e-mail to all employees announcing that its co-founder and executive director, Micree Ketuan Zhan, was ousted.
Jihan Wu, another co-founder of Bitmain and currently chairman of the board, sent an email with the topic "Important Notice" to all staff around Tuesday noon, Beijing time, stating:
"Bitmain's co-founder, president, legal representative and general manager, Jihan Wu, decided to immediately dissolve all of Ketuan Zhan's roles. The staff of Bitmain should no longer follow Zhan's instructions, nor participate in any meetings organized by Zhan. Bitmain may, depending on the situation, consider terminating the employment contract of those who violate this note. "
A Bitmain staff member anonymously confirmed to CoinDesk the authenticity of CoinDesk's e-mail, claiming that it was similar to version 2.0 of December 17, referring to a significant lay-off from Bitmain to the end of 2018. Another source close to the company said that Bitmain was doing it. an urgent meeting at all.
The company did not respond to CoinDesk's request for comment.
The email follows the new Tuesday morning that Bitmain has changed its corporate structure in filing registrations with government agencies. On the basis of the new update, after the change, Wu took over the roles of executive director and legal representative of Zhan's Bitmain.
It is unclear how Bitmain's board resulted in the brutal decision or whether Zhan was bought from his shares.
Last September, when Bitmain filed the IPO, Zhan was still a major shareholder of Bitmain with 60% of its capital, while Wu and Yuesheng Ge, another co-founder, held about 30%.
Wu and Zhan were co-CEOs of Bitmain and resigned in March this year after the failure of their IPO.
Jihan Wu image via CoinDesk