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Bitmain Co-founder Files New Lawsuit In Home Country

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Ousted Co-founder of Bitmain, Micree Ketuan Zhan, has filed a lawsuit in China, his home country, in a bid to regain control of the Bitcoin miner.


A new lawsuit has been filed in the Changle District court in China’s Fujian area showing Zhan has filed a claim against Bitmain’s subsidiary Fujian Zhanhua Intelligence Technologies, and as third party, Beijing Bitmain Technologies.


A hearing about the case was booked on Feb. 11, as per the notification, in spite of the fact that it’s reasonable delayed because of the interruption brought about by the coronavirus crisis. While it’s not satisfactory what the specific claims are, the court says the case identifies with an “shareholder qualification confirmation dispute.”


The case adds to the progressing suit in the Cayman Islands Zhan has recorded against the company that he helped to establish with Jihan Wu in 2013, throwing further uncertainty on the result of the force battle at the world’s biggest miner producer just as it’s set arranged first sale of stock in the U.S.


Zhan documented a claim in December in the Caymans, where Bitmain’s parent holding substance is enrolled, requesting that a court void a choice purportedly went at an investor meeting that fundamentally reduced his democratic force.


The claim in China additionally followed an advantage assurance request documented by Zhan and affirmed by a similar court in December however the court’s full judgment was not made open until last Thursday.


The court favored Zhan to freeze 36 percent of Fujian Zhanhua’s 10 million yuan joined offers claimed by Bitmain, worth 3.6 million yuan, or $500,000. In spite of the fact that the estimation of the solidified resources might be immaterial for Bitmain, the rate could be huge.


Fujian Zhanhua is 100 percent owned by Beijing Bitmain, which is a subsidiary of Cayman-registered BitMain Technologies Holding, of which Zhan remains the biggest investor – with 36 percent.


That implies Zhan by implication claims 36 percent of Fujian Zhanhua, proposing the advantage insurance move is planned to keep his control over this auxiliary from being moved or weakened.


Under the court’s advantage assurance request, Beijing Bitmain won’t have the option to move or vow these solidified resources as guarantee, nor would it have the option to expand the auxiliary’s all out fused capital so as to weaken the level of the solidified proprietorship.

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