Bitmain, a cryptocurrency mining equipment producer, has expelled Micree Ketuan Zhan its co-founder and executive director. The Beijing based company sent an email to all its employees post the expel.
According to the email, Jihan Wu, the co-founder would be the new Chairman of the company.
In the email, Jihan Wu asked his employees to not take orders and meetings from Zhan. He added, “Any employee who would violate this order would be terminated from the company.”
According to a source close to the matter, the Chinese company is very close to having a major layoff just like last year. The company’s official spokesperson declined to comment on the situation.
Earlier this year the company filed for its IPO where Zhan held 36% of the company’s stake where Zhan and Wu held the position of co-CEO.
According to the IPO filings, Wu holds 20% of Bitmain’s holding company.