Bitmain’s Largest Shareholder Sacked, Bitcoin Cash Grows Impressively

Beijing-based mining giant Bitmain has returned to the spotlight with the shocking news reported by Dovey WAN of Primitive Ventures. On his Twitter account, WAN reveals that Bitmain co-founder Micree ZHAN, who can own up to 36.5% of the company’s shares, has been fired.

Another former Bitmain CEO of Jihan WU, who controls 20.5% of the company, took ZHAN's place as a legal representative of Bitmain. In an internal correspondence with employees, WU said that ZHAN is now fired from all his positions in the company.

Back in 2018, Bitmain, the undisputed leader in cryptocurrency mining, announced its intentions to conduct an IPO, but the company's plans were destroyed by the bear market, followed by serious financial losses and layoffs. At the same time, both Jihan WU and Micree ZHAN left the directorship.

The turmoil around Bitcoin Cash was also one of the reasons for the failed IPO. WU, along with Roger VER, was strongly supporting the Bitcoin fork, while ZHAN reportedly didn’t want Bitmain to join the controversial project.

Many experts believe that the departure of ZHAN is good news for Bitcoin Cash, and the ten percent growth that the coin has recently demonstrated proves that.

The reputable trader The Crypto Dog has published a fresh BCH growth chart on his Twitter with a comment that he will keep "a very close eye" on the cryptocurrency.

Image courtesy of Coinrivet