The CFO and Bitmain’s alleged legal representative, Luyao Liu, was arrested after allegedly attacking the company’s co-founder, Micree Zhan, in Beijing, according to local reports.
Liu was „arrested by the police“ after Zhan was officially licensed by Bitmain Beijing, the main mining subsidiary, the Chinese news agency Deepchain reported May 8.
Crypto giant Bitmain confirms problems with Antminer S17 units
The former chief executive is involved in a power struggle with Jihan Wu, also one of Bitmain’s co-founders, who fired him from the company in October 2019.
According to commentator and Primitive Ventures co-founder Dovey Wan, Zhan was „intercepted“ by a group of masked men at the Beijing Municipal Administration of Industry and Commerce, where he had just received Bitmain Beijing’s business license, to become the company’s legal representative.
„In the morning, Micree was at the desk of the Beijing Department of Industry and Commerce to get his Beijing Bitmain license, and ten people literally attacked him on the premises,“ Wan tweeted earlier today.
The commentator also attached a video showing a fight between two groups of masked men dressed in black. Liu was arrested about two hours later, Wan wrote, adding that „this shitty show in
- Bitcoin Evolution
- Bitcoin Profit
- Bitcoin Code
- Bitcoin Trader
- Immediate Edge
- Bitcoin Circuit
- Bitcoin Era
- Bitcoin Revolution
- Bitcoin Billionaire
- The News Spy
is now trend #21 nationally.
Bitmain insists that Luyao Liu continue as legal representative
Since then, Bitmain made an announcement in its official WeChat account, claiming that Zhan’s employment contract was terminated on October 28 last year and the former president has not held any position in the company since then.
Bitmain CEO dismisses co-founder, largest shareholder, to „save the ship“
Liu Luyao is the current legal representative of Bitmain Beijing according to the stipulated statement, however, public record documents apparently show that Zhan owns the company. Bitmain called it „a registration error“ that „seriously violates“ corporate law.
According to Bitmain’s registration documents, Wu appointed Liu as legal representative earlier this year, who resigned as CEO in 2018 to take on a non-executive role in the company. Chinese industry news channel 8btc describes Liu as „a friend of Jihan Wu from school.
That appointment was recently revoked by the Beijing District Justice Office after Zhan appealed the decision in February, apparently allowing her to apply for registration as Bitmain’s legal representative.
Under Chinese law, the legal representative „is someone appointed to act on behalf of the company.