Bitmain’s Co-Founder wants to Buy $4 Billion in Shares

Micree Zhan published a disgusting letter to Bitmain’s co-founder, Jihan Wu, in which he offered to take control of the company.

The Bitmain power battle proceeds as Micree Ketuan Zhan, one of the prime supporters of the crypto mining goliath and its biggest investor, has supposedly made a proposal to buy shares constrained by his kindred fellow benefactor Jihan Wu and others for $4 billion.

As indicated by a letter gave to Chinese news source Jinse on June 21, Zhan claims he as of now possesses 36% of the offers for Bitmain’s Cayman Islands parent organization—which claims Bitmain Hong Kong—and controls Bitmain’s workplaces in Beijing. His present offers give him 59.6% of the democratic force.

The letter said Zhang was ready to buy Wu and shares from external investors, a collection of employee options, and three unnamed people for $ 4 billion.

The Bitmain prime supporter was at that point its greatest investor when Wu purportedly constrained him out of the organization in October 2019 of an evident snatch for control, an activity Zhan alludes to in the letter as an “illicit force seizure”.

After Zhan was expelled, the mining monster went in all-out attack mode, openly expressing he reserved no option to go about as a Bitmain lawful delegate or issue notification and guidelines to organization workers. There were likewise reports of legitimate activity against Zhan.

Zhan struck in a couple of ways, propelling two claims against Bitmain’s different substances trying to recover his position. In the letter, he blames Wu for spreading bits of gossip, sending a gathering to take a physical duplicate of his permit to operate, and concealing organization resources.

Zhan likewise purportedly assumed control over the organization’s Beijing office in May with a group of watchmen—despite the fact that this office is evidently still heavily influenced by Bitmain’s Cayman Islands parent organization, which Wu runs.

Zhan has requested that Wu come back to the arranging table and depend on the standard of law as opposed to turning to facing conflicts in the media.

In the midst of this power struggle, the company has problems with manufactured mining equipment, including reporting damage to the T17 Antminter miner. Although the new Antminer T19s Bitmain came out on June 1, the same chip was used as in the previous model.

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