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Home » Bitmain’s Internal Struggle Takes a Fierce Turn: Final Judgment on Bitmain Legal Status

Bitmain’s Internal Struggle Takes a Fierce Turn: Final Judgment on Bitmain Legal Status

Steve Anderrson
May 8, 2020
4:22 pm

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Mining giant Bitmain’s exiled Co-founder, Micree Ketuan Zhan, caught into a physical confrontation with Liu Luyao.
Zhan filed a suit against the company in the Beijing Haidian District Justice Bureau.
According to Chinese news reports, Liu snatched the license from Zhan to take over its possession.

Things heated up recently when mining giant Bitmain’s exiled Co-founder, Micree Ketuan Zhan, caught into a physical fight. Bitmain former employee gets in a physical confrontation with his former employer after his legal victory on him. Zhan filed a suit against the company in the Beijing Haidian District Justice Bureau. He won to reinstate his position as the legal representative of Bitmain Technology.

Bitmain: The rivalry

Things went out of hand the day when Zhan attended the bureau to collect his new registration license. A recovery process formed in front by a bunch of men among whom, Liu Luyao, Bitman’s Chief Executive, was a member too.

According to Chinese news reports, Liu snatched the license from Zhan to take over its possession. It happened when the officials of the Justice Bureau was about to hand over the updated license to Zhan. While seizing, the Chief Executive of bitmain claimed that such a license was the property of the company. He further added that the permit couldn’t fall into the hands of any commoner. After this, the situation escalated by local police.

The confrontation disclosed the organization’s internal struggle tracing back to the last year’s sudden coup. Such an unexpected rivalry puts the organization in an uncertain atmosphere ahead of a planned initial public offering in the U.S.

Bitmain’s opinion and comments

In a recent statement, Bitmain expressed its view on the present situation. He underlined the reversal of the Registration was a massive mistake on behalf of the Justice Bureau. The organization says, as of now, Liu Luyao is Bitmain’s current legal representative. They are not ready to acknowledge any actions taken by Zhan under the status of the legal representative of the organization.

From the above remarks, one can conclude that the internal affairs of the largest Bitcoin miner in the world can only reinstate to a stable point only if the members of the organization come to terms with the legal status in question.

Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.