Bitcoin Mining Giant Bitmain’s CEO Accused Of Embezzlement

Sahana Kiran
June 22, 2020 Updated April 8, 2024
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Bitmain

Bitmain drama prolonges. The Bitcoin mining equipment giant’s ousted CEO, Micree Zhan recently released a document accusing Jihan Wu of engaging in illegal activities including, theft as well as the wrongful use of the company’s money. 

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Jihan Wu Allegedly Stole Business License

The entire world has come together to fight the deadly COVID-19 malady. While the globe consolidated to face a problem so big and have been quite successful in doing so, the founders of the mining equipment giant, Bitmain are still prolonging their eternal spat.

Beijing-based Bitcoin mining equipment company, Bitmain is once again under the gun as the company’s ousted CEO Micree Zhan shared a list of illegal activities that Jihan Wu, the co-founder of Bitmain had indulged in. Hashkey Hub’s Mo Li shared a thread on Twitter translating Zhan’s list from Chinese. Li suggested that people sell their BCH as Jihan Wu could end up behind bars post Zhan’s announcement.

As per the announcement, Zhan alleged that he possesses 36 percent shares of Bitmain in Cayman as well as 59.6 percent voting rights. Citing his powers, Zhan suggested that change in authority without his supervision was impossible. However, Wu had reportedly unilaterally devised a shareholders’ meeting where Zhan was stripped of his voting rights and was removed from his post as the director of the company. Zhan also points out that the meeting never took place. Furthermore, Zhan pointed out that Wu even took over Bitmain HK and stole the business license along with the stamp of the Beijing office to change the hierarchy.

Bitmain
Source

Zhan further shed light on the pursuits of Wu after he acquired the company. According to Zhan, Wu supposedly spread rumors on behalf of the mining company. Zhan stated,

“…… Wu is used to putting his will above the law. What he has done fully reflects his ignorance of the law.”

Zhan concluded his list by urging Wu to reduce spending the company’s money on mercenary hype in the media as he believes that ‘justice is in the law and not in the media hype’. Besides, Zhan suggested that Wu rather spend time with the court in Cayman to solve the problem legally.

Blockstream’s CSO, Samson Mow also commented on the same and tweeted,

If Micree Zhan’s accusations on Jihan Wu turns out to be legit, Wu is definitely under a lot of trouble, the community speculated.

Bitmain recently sold-out all of its latest ASIC models. Despite this, the company may be in big trouble if this managerial tiff at Bitmain doesn’t see an end.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Sahana Kiran is a graduate in Political Science, Economics and Journalism. She is a full-time crypto writer at CoinGape and takes a keen interest in cryptocurrencies, especially Ethereum and Bitcoin. Even though she's not a HODLER yet, she has eyes on Bitcoin.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.