Micree Zhan Attacks Jihan Wu Over Bitmain Coup

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The Bitmain saga that erupted last week has plumbed new depths after director ousted director Micree Zhan penned an open letter criticizing Wu and his coup, saying that he was taking legal action in order to attempt a return to the company. Rather strangely, he also revealed his ambitions for the company in the letter, as well as the company’s financial targets.

Zhan Decries “Conspiracy and Evils”

The Bitmain saga started ten days ago when Wu took advantage of Zhan’s absence on a London business trip to stage a lightning-quick coup, emailing all the Bitmain staff stating that Zhan had been stripped of his title and dismissed from all operational positions and decisions. He then gave instructions that Zhan be physically prevented from entering the building, leaving Wu with the task of convincing shareholders that he is the right man to right the Bitmain ship which had been listing dramatically of late. In exile, Zhan has hit back however, posting an open letter in WeChat this week in which he stated that he felt “very embarrassed” about the situation, adding that he never thought his “brother” Wu would “actually stab you in the back”. The tone quickly turned combative however, with Zhan calling Zu’s supporters and enablers “the side of conspiracy and evils”:


Appealing to “Bitmain’s brothers and sisters”, Zhan showed his intent by stating that he will “return to the company as soon as possible with legal support”, ending what is proving to be a shameful episode in the company’s history and one that won’t go down well with authorities who Bitmain might end up applying for an IPO through.

Zhan Showed his Financial Hand

What also won’t help the business side of things is Zhan stating that, “Our AI business can hit the 100 million yuan milestone in revenue in 2019, and we can expect 1 billion yuan in 2020”. The publishing of these targets were somewhat surprising, with China expert Dovey Wan, who broke the news, stating that “it’s not a good idea to either buff [sic], or expose these sensitivity numbers to competitors.” Crypto loves a drama, and it’s pretty clear it has a potential Oscar nomination here.