Richest Crypto Billionaire Gets Forced Out of His Own Company in China

Posted in: Cryptocurrency News
October 29, 2019 9:30 AM UTC
  • Bitmain co-founder Micree Zhan was reportedly ousted from the company on Tuesday.
  • Zhan is the wealthiest cryptocurrency billionaire according to the Hurun rich list.
  • Traders are now worried Zhan could dump 1.6 million bitcoin cash in retaliation.

Bitmain co-founder and executive director Micree Ketuan Zhan has reportedly been forced out of the company in a bitter clash with business partner Jihan Wu.

In a statement issued to Chinese media, Bitmain confirmed that Wu would take control:

“We believe under the leadership of Jihan, Bitmain will be back to its original mission statement, focus on core competence, expand business organically and orderly. Will become a world-class tech company”

Zhan, who was listed as the wealthiest cryptocurrency billionaire by Hurun, was the largest Bitmain shareholder with 36.5% ownership. The drama is the latest in a string of executive shakeups since the cryptocurrency mining company delayed its IPO.

A coup at Bitmain

Dovey Wan, founding partner of Primitive Crypto, documented the fallout overnight and translated Chinese media reports. Her reports depict what amounts to a coup in the Bitmain office:

“Micree Zhan’s email was deleted and already banned from entering into the company’s office by security. The whole HR department was completely cleared up with replacement from Jihan’s own people.”

Wan claims her sources said Wu declared:

I have to come back to save this ship (from sinking).

Samson Mow, CSO at Blockstream questioned how Jihan Wu was able to force out the larger stakeholder.

“Actually, looks more like Micree was forced out. The question is how? Micree is still a majority shareholder of Bitmain Beijing as well a large shareholder of the parent Bitmain holding co. This looks like power play by Jihan & still has yet to play out.”

Bitcoin Cash jumps 10% but Zhan could dump his crypto

Bitcoin Cash jumped 10% at the news, largely because Jihan Wu is a vocal supporter of the cryptocurrency. Traders anticipate that Bitmain may divert more resources to BCH under his leadership.

Bitcoin Cash popped 10% higher as trader anticipate a stronger focus on BCH at Bitmain. Source: TradingView

On the flip side, Zhan could dump his bitcoin cash holdings, an estimated 1.6 million BCH, on the market in retaliation. Doing so would likely have a negative impact on the price.

“Micree was outcasted in an ugly way, he may consider dump $BCH he owns .. which is 1.6M BCH total” – Dovey Wan.

As Mow put it: the “Bitmain civil war is just starting.”

Hat-tip @DoveyWan

This article was edited by Samburaj Das for If you see a breach of our Code of Ethics or Rights and Duties of the Editor, or find a factual, spelling, or grammar error, please contact us and we will look at it as soon as possible.

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Ben Brown @_ben_brown

Ben is a journalist with a decade of experience covering financial markets. Based in London, UK, his writing has appeared in The Huffington Post and he was Chief Editor at Block Explorer, the world's longest-running source of Blockchain data. Reach him at or on Twitter at _Ben_Brown. Email ben @

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