September 30, 2020

Bitmain co-founder Mikri Jean was suddenly removed from his post as executive director

Bitmain co-founder Mikri Jean was suddenly removed from his post as executive director

Mining equipment manufacturer Bitmain restructured the corporation, during which it was fired its co-founder and CEO Mikri Ketuan Jean.
Sina Finance, a Chinese news agency, said Tuesday that Cihan Wu, the creator of Bitmain, took over Jean’s duties.
It is reported that Wu made an e-mail newsletter, according to which:
“Co-founder, chairman and executiveBitmain director Cihan Wu decided to immediately dismiss Ketuan Zhang. Bitmain staff should no longer follow Jean's instructions or participate in meetings organized by Jean. Bitmain may, depending on the situation, consider terminating employment contracts with those who violate this notice. ”
It’s not clear why Bitmain decided to get rid of Jean,since he was the main shareholder of the company with a 60% stake, according to the filing of the initial public offering (IPO) in September 2018, Bitmain. In turn, Wu and other cofounder Yusheng Jae, on the other hand, hold only about 30%.
Bitmain tried to go public in Hong Kong, but its attempts were unsuccessful. After there were reports that the company was planning an IPO in the United States, competing with Bitmain.
Note that yesterday Canaan Creative publicly filed for an IPO in the United States in order to raise $ 400 million.