Firing Micree Zhan, Twitter reactions, comments and more on the never ending Bitmain occurences. Commentary on Bitcoin and Bitcoin Cash.
The mining giant Bitmain apparently fired a Senior Executive and the altcoin Bitcoin Cash (BCH) went up to 10% in the last 24 hours.
According to an email by the Co-Founder Jihan Wu, the other co-founder Micree Ketuan Zhan apparently was dismissed from the company. Zhan is the biggest shareholder with 60% stake in Bitmain.
According to the email, Wu warned the other employees not to engage with Zhan in any circumstances. Quoting the email:
“Any Bitmain staff shall no longer take any direction from Zhan, or participate in any meeting organized by Zhan. Bitmain may, based on the situation, consider terminating employment contracts of those who violate this note.”
There has been quite a number of sudden occurrences at Bitmain. For example, last November Jihan Wu decided to drop the CEO position at Bitmain and took the rule of non-executive on the company’s board.
Private investor Dovey Wan is shocked and describes Wu as quite intense. She takes it to Twitter:
#BitmainDrama episode 5 (last one of the night..)
Bitmain company officially responded to a public media that "all decision made by Jihan will be effective immediately
And in their official response, a few sentences worth EXTRA read, it said (cont. pic.twitter.com/O8iNMs1FMd
— Dovey 以德服人 Wan ? ? (@DoveyWan) October 29, 2019
In her words, Wu wants to make sure Bitmain takes a good chunk of the waning share of BTC mining pie.
She comments:
“Jihan, literally said to his employees ‘I have to come back to save this ship (from sinking).”
Taking a good hard look at Bitcoin and Bitcoin Cash, while Bitcoin has been quite strong in 2019, Bitcoin Cash doesn’t have the same success. Bitmain is known as a huge supporter of BCH with Wu openly supporting it.
More reactions on Twitter on the #BitmainDrama:
I'm leaning towards the theory that the replacement of Micree as legal representative (法定代表人) was NOT done with investor/shareholder approval because the change was messy. See below for the corp update. Micree was still left on as 经理 (manager) which seems rushed. pic.twitter.com/50lHgvilQx
— Samson Mow (@Excellion) October 29, 2019
#BitmainDrama episode 4 … ??? this is now like a God Father level movie OMFG
"Micree Zhan's email was deleted and already banned from entering into the company's office by security"
"The whole HR department was completely cleared up with replacement from Jihan's own ppl"
— Dovey 以德服人 Wan ? ? (@DoveyWan) October 29, 2019
but the way he did everything in such a nonprofessional manner (like banning Micree from entering into the building) is bizarre, to me more like a political coup .. and without investor sign off. just a thought
— Dovey 以德服人 Wan ? ? (@DoveyWan) October 29, 2019
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