This week’s latest development in the battle for control of Bitmain sees Micree Zhan creating a new bank account and website for the ASIC mining hardware manufacturer.
The announcement of the new bank account and website were made via Bitmain’s WeChat account, which many individuals believe Zhan is currently controlling. The new bank account is owned by Bitmain Beijing, which Zhan is the legal representative of and is named “Zhanhua Intelligent Technology Company.”
Zhan has also created a new website for Bitmain that is geared toward after-sale service for its customers. The website allows its visitors to check the warranty status of their products and contact customer service.
Bitmain’s internal struggle
Zhan’s latest actions—the creation of a new bank account and website—are the latest developments in Bitmain’s internal feud between Zhan and his rival co-founder, Jihan Wu.
It started back in October 2019 when Wu had Zhan ousted from his role as legal representative at the company. However, several months later, Zhan won a legal battle that re-established him as the legal representative of Bitmain Beijing—this is where things get confusing. Although Zhan is the legal representative of Bitmain Beijing, Wu still has complete control over Bitmain Chongqing.
Regardless, after Zhan won his legal battle, he went to a government office to pick up the license that served as evidence that he is the company’s legal representative—but he was reportedly met by Wu’s employees who tried to physically remove the license from him. However, Wu’s henchmen were not successful in their attempt to take the license, according to reports.
Zhan took over the Bitmain Beijing office with the help of several security guards, halted the shipment of mining equipment from the Shenzhen factory, and offered to buy out Wu as well as other major stakeholders so that he could be the sole individual in charge of the company. Unsurprisingly, Jihan Wu and other stakeholders did not take Zhan up on his offer.
Which brings us to the current development—Zhan creating a new bank account and website for Bitmain.
Will Jihan Wu retaliate?
Zhan seems to be in the media nearly every month with a new tactic to position himself as the sole leader of Bitmain, while Wu has been quiet in comparison. Early on in the internal feud, Wu said he will be solving the internal power struggle through legal channels, and by the looks of it, Wu is confident in the justice system.
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