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Former Bitmain co-founder hired a private security company to take over the company

Former Bitmain co-founder hired a private security company to take over the company
CONTENT

  • Redistribution of business inside Bitmain goes to a new level.

  • Rebellious ex-co-founder physically resolved the issue of control over the largest manufacturer of mining equipment.

  • Prior to that, Bitmain was criticized for a defective product, and the company itself was mired in legal proceedings..

International consortium of news organizations, developing transparency standards.

The scandal around the redistribution of control over one of the largest manufacturers of mining equipment Bitmain reached a new level.

Former co-founder of mining hardware company Bitmain and CTO Mikri Jean hired a private security firm to take back control of Bitmain’s Chinese office..

Local news outlet BlockBeats was the first to report this..

“Today Mikri hired a group of private security guards who smashed the Bitmain office in Beijing … they burst in with brute force and tried to regain control (after the first coup by Jean and a series of outrageous behavior),” added CoinDesk advisor Kovi Wan.

A little later, after the forceful return of control over the Beijing office, Jean published an official letter in which he urged former Bitmain employees to “take advantage of this opportunity” and return to the office.

Not in power

Bitmain claims that Jean was removed from office long ago and that a whole team of lawyers are still involved in the trial..

As a reminder, Mikri Jean was fired from Bitman back in October 2019. Then the reason for the dismissal was ineffective management, which put the company on the brink of bankruptcy risk.

In the cryptocurrency market, there are many ways to make money in addition to the forceful seizure of power in a mining company.

Former Bitmain co-founder hired a private security company to take over the company

For example, the BeInCrypto editorial team has already prepared 5 simple ways to increase the profitability of cryptocurrency trading..

In accordance with Chinese law, the legal representative of a company has broad powers and full signatory rights for the capital and assets of the company..

Often, the title of legal representative belongs to the CEO of the company. How legitimate is the return of control over Bitmain – China’s law enforcement agencies will find out.

Redistribution sequence

This is not the first time that a Chinese manufacturer of mining equipment has been caught in a scandal over the redistribution of power..

In April of this year, Bitmain’s management sued three former employees for over 1.2 million yuan, or more than $ 170,000 in dollar terms..

Also, the company recently came under a flurry of criticism from miners after a third of the goods received in April turned out to be defective or completely broken..

Former Bitmain co-founder hired a private security company to take over the company

And this is on the eve of halving.

Before the May halving, many cryptocurrency miners purchased large batches of ASIC hardware for bitcoin mining Bitmain Antminer S17+.

What do you think? How much the redistribution within Bitmain will affect the cryptocurrency mining market? Share your thoughts in the comments and join the discussion in our Telegram channel.

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Former Bitmain co-founder hired a private security company to take over the company

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