Did Micree Zhan embezzle Bitmain’s Property? Jihan Wu Rails Against

Earlier, it was rumored that Bitmain’s Micree Zhan embezzled the company’s property for his own sake among Chinese media. On November 1st, Jihan Wu denied the rumor on WeChat as Wu thought the media were hyping it up.

Last month, a Chinese media said that Jihan Wu might find evidence of the company’s property embezzlement by Micree Zhan, Micree Zhan once presented a building and an island in Fujian Province as a gift to his students and friends. The media’s theory is Micree Zhan kept silent because Jihan Wu has Zhan’s butt.

“The news is untrue and it tends to intensify the contradiction between us. The accumulation of contradictions between us is the result of instigating. Probably under the structure of two co-founders, there is always someone who can’t help doing this! Next, the corporate governance lawyers of our two sides will deal with the disputes at home and abroad. Bitmain is destined to become a classic case of corporate control struggling in history. Buying an island and a building for giving away is a complete fabrication”

In 2018, Media started to disclose the contradiction between Jihan Wu  and Micree Zhan as they disagreed on the direction of Bitmain’s development.

Wu is obviously more willing to let Bitmain bind with crypto mining and crypto space in depth. On the one hand, Wu was committed to mining machine research and development, on the other hand, he continued to develop cryptocurrency such as BCH. On the contrary, Micree Zhan expects Bitmain to transform into a chip company.

Bitmain plans to start salary adjustment from November 4th, according to an internal document. It is the first management measure proposed by Jihan Wu after he regained the control of Bitmain, which undoubtedly help get more support from staffs.

“We will change the idea that the superior decides everything, we will restore the all-dimensional evaluation idea we adopted at the beginning of our business comprehensively present each employee’s performance, so as to establish a working environment with equality, freedom, and truth”

Approved by the CEO and board of directors, Bitmain will design a more flexible incentive and recognition program for employees to encourage the spirit of partners and jointly enjoy the business fruits.

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