Cryptocurrency mining giant Bitmain engulfed in power clash as co-founder ousted

Bitmain Technologies’ billionaire founder Wu Jihan announced on Tuesday the resignation of his co-founder, a surprise ousting that appeared to resolve a struggle for control of the world’s largest cryptocurrency mining start-up.

Micree Zhan Ketuan, who started Bitmain with Wu six years ago, no longer holds any position at the Beijing-based company effective immediately, Wu said in an internal memo obtained by Bloomberg News. The cryptocurrency entrepreneur warned employees against taking further instructions from Zhan or attending any meetings he convenes, threatening staff with dismissal or criminal charges. Nishant Sharma, a company spokesman, declined to comment on the memo.

“If employees cause any harm to the company’s economic interests, the company will investigate their civil or criminal liability in accordance with the law,” Wu wrote in the memo, signing off as Bitmain’s co-founder and chairman.

Zhan did not immediately reply to an emailed query and calls to his personal phone went unanswered.