Bitmain co-founder tries to re-enter crypto-mining company

Evicted in November, Micree Zhan Ketuan, the co-founder of Bitmain, launched a judiciary process to resume his place of leader within the company specialized in mining of cryptocurrencies.

Micree Zhan Ketuan, through his business Great Simplicity Investment, filed a complaint with a Cayman Islands court to invalidate a recent decision made at an extraordinary general meeting.

In November, the co-founder of the largest crypto-mining company on the planet has been restricted as an officer and principal shareholder.

“As a co-founder of Bitmain, the largest shareholder and registered legal representative, I was ousted on a business trip, “he said.

The Chinese engineer and entrepreneur asked the court to invalidate the vote. His removal was allegedly orchestrated by the second co-founder, Jihan Wu.

The conflict between the two crypto-entrepreneurs seems to have started in the fall of 2018 and complicates the development of the company, which is now facing fierce competition.

While the number 1 in bitcoin mining aims to make a IPO in the United States, its biggest rival, Canaan, recently entered the Nasdaq and raised $ 90 million.

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In early 2019, following the fall in cryptocurrency prices, Zhan Ketuan and Wu had given up their place of co-CEOs to Wang Haicho, the company’s product engineer.

Today, Wu, who has meanwhile created a new startup called Matrixport, seems to be running the business again. Recently, he announced new strategies to approach Bitcoin halving.