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Ousted Bitmain co-founder Michree Zhan has threatened to seek legal redress to retain his position as co-founder of the company.
Micree Zhan, the co-founder of popular crypto mining company Bitmain, has said that he will definitely return to the company, even if it means considering a legal course of action. This is the first time Zhan has publicly spoken on the matter after news of his abrupt and shocking sack from the company made the rounds last week.
In an email that shocked not just Bitmain staff but eventually the entire crypto world at large, co-founder Jihan Wu informed employees that Zhan was no longer a part of the Bitmain company and asked that no engagements be made with him anymore. It was also said that Zhan had his official email deleted, all his roles immediately terminated, and was then denied access to the Bitmain premises.
Zhan has now made his intentions known through a letter he put out on his WeChat page yesterday, explaining that he was ousted without any notice, and had absolutely no idea that any of last week’s events would take place. He has now threatened to sue, but noticeably did not mention any names on his WeChat post and only expressed embarrassment that something like that happened while he was away. He wrote:
“I have never thought that as a person focusing on technology and product, I have to start thinking from legal perspectives. It was embarrassing that as a Bitmain co-founder, the biggest shareholder, and a registered legal representative, I got ousted without any knowledge in this coup while on a business trip.”
Apparently feeling betrayed, Zhan compared last week’s events to plot twists in popular television soap operas where characters unexpectedly betray each other.
“I didn’t realize until then that those scenes in TV shows, where you get stabbed on your back by those partners you trusted and ‘brothers’ you fought together with, can really happen in real life,” added he.
While he expressed shock at the events, Zhan has assured everyone including the company’s shareholders and even employees, that he will “return to the company as soon as possible”, suggesting that the law would take its course, and would re-instate him in his former position.
“Bitmain is our child. I will fight for her till the end with legal weapons. I won’t allow those who want to plot against Bitmain to succeed. If someone wants a war, we will give them one.”
According to reports, Bitmain has secretly filed with United States Securities and Exchange Commission (SEC), an application to float an initial public offering (IPO). Supposedly, the IPO is backed by German multinational banking and financial services company Deutsche Bank. Although there are no official details, earlier reports from a few months ago, suggest that Bitmain is looking to raise between $300 million and $500 million.
Last year, Bitmain also applied for an IPO with the Hong Kong Stock Exchange (HKEX) but was unsuccessful as the application hit its limit of 6 months, and eventually expired.