Bitcoin mining giant Bitmain's co-founder Micree Zhan, who was abruptly ousted from the company last week, said he's going to take legal action to secure his return to the firm.
In a letter posted on his WeChat feed Wednesday, Zhan publicly addressed what he described as a coup without consent for the first time. Last week, fellow co-founder Jihan Wu told all Bitmain staff in a surprising email that Zhan had been dismissed from all of his roles, and forbade employees from engaging with him.
Wu further revealed an ugly power struggle between him and Zhan during Bitmain’s all-hands meeting on Tuesday last week following the initial email to the staff. Zhan did not immediately issue any statement or respond to requests for comment from multiple media outlets, including CoinDesk.
But in Wednesday's statement, Zhan said he was ousted from the company without any consent or prior knowledge, and he plans to resolve the issue through legal methods. He will take Bitmain on in court if needed.
"I have never thought that as a person focusing on technology and product, I have to start thinking from legal perspectives. It was embarrassing that as a Bitmain co-founder, the biggest shareholder, and a registered legal representative, I got ousted without any knowledge in this coup while on a business trip," he wrote, adding:
"I didn't realize until then that those scenes in TV shows, where you get stabbed on your back by those partners you trusted and 'brothers' you fought together with, can really happen in real life."
While the letter did not state whom it's specifically addressing, Zhan told Bitmain staffers and shareholders to be assured that he will "return to the company as soon as possible through legal methods to end this very critical moment."
"Bitmain is our child. I will fight for her till the end with legal weapons. I won't allow those who want to plot against Bitmain to succeed. If someone wants a war, we will give them one," he said.
He further added he envisions Bitmain reaching the goal of dominating 90 percent of the bitcoin mining equipment market while expanding its AI business.
Zhan's image via CoinDesk