Connect with us

Hi, what are you looking for?

ELEVENEWS

cryptos

Bitmain Drama: Co-Founder Of Mining Giant Offers To Buy $4 Billion In Shares Of The Company

  • One of the co-founders of Bitmain has allegedly made an offer to purchase shares controlled by his fellow co-founder Jihan Wu as well as others for $4 billion.
  • Zhan made a claim that he currently owns just over 35% of the shares of Bitmain’s Cayman Islands parent company.

One of the cofounders of one of the biggest mining crypto companies in the world Bitmain, Micree Ketuan Zhan has allegedly made an offer to purchase shares controlled by his fellow co-founder Jihan Wu as well as others for $4 billion.

According to a letter reported on by a local Chinese news outlet at the end of last week on the 21st of June, Zhan made a claim that he currently owns just over 35% of the shares of Bitmain’s Cayman Islands parent company. This means his current share gives him just shy of 60% of the voting power for the company.

The letter states that Zhan is willing to buy out Wu as well as his shares from outside investors. All of this and more will be going for $4 million if accepted.

After Zhan was ousted by the company, the mining firm publicly stated that he had no right to act as a legal representative from the company or issue notices and instructions to employees that work for the business. In fact, they were even reports of legal action being taken against him.

As a result of this, Zhan retaliated in numerous ways as he launched two lawsuits against the many entities of Bitmain in an attempt to regain his position in the company. He even accused Wu of spreading malicious rumours and hiding company assets.

News source

Advertisement

Copyright © 2020 Elevenews