March 4, 2024

The former head of Bitmain will try through the court to achieve reinstatement

Former CEO of mining giant Bitmain Technologies Mikri Zhang intends to seek reinstatement by initiatingto this end a lawsuit against a Chinese company. It is reported by Bloomberg.

Suit on behalf of Zhang's Great SimplicityThe Investment Corporation was sued by the Cayman Islands in December 2019. It contains a request to cancel the November decision of Bitmain shareholders to reduce the number of votes per share of Bitmain class B from ten to one, as a result of which Mikri Zhang lost his primary voting right in the company.

The management of Bitmain is currently carried out by another co-founder of the company Cihan Wu.

At the beginning of the year, Cihan Wu and Mikri Zhang lefttheir leadership positions in Bitmain, while retaining the right to make decisions. It was reported that the leaders of Bitmain diverged in their views on the further vector of development of the company in the conditions of a falling cryptocurrency market.

Mikri Jean was a supporter of the development of high-tech business lines of the company, in particular in the field of artificial intelligence. Cihan Wu is also known as a supporter of Bitcoin Cash.

In October, Wu released Zhang by his own decision.from his duties as CEO of the company, declaring his intention to focus “on an original vision for business development while maintaining world-class technological standards.” In response, Mikri Zhang threatened war, but an attempt in December to convince shareholders to return him to the post of sole head of the company was unsuccessful.

Now, Zhang, apparently, intends to implement his "military plans" through the court.