The head of mining giant Bitmain was accused of fraud. He faces jail.

The head of mining giant Bitmain was accused of fraud. He faces jail.

The company's former CEO, Mikri Chang, said its current manager Jihan Wu was involved in forging shareholder signatures, stealing documents and other illegal activities
The co-founder of mining giant Bitmain, Mikri Chang, accused the company's current CEO Jihan Wu of forging shareholder signatures and illegally seizing control. The latter faces a prison term for breaking laws and illegal activities in the past. This was announced by the director of promotion of the platform HashKeyHub, having published a statement of Chang in his Twitter account.

"It's time to get rid of BCH, Jihan can go to prison. Mikri issued a statement listing all past violations of Jihan's law," a HashKeyHub spokeswoman wrote.

Chang said he had a 36% stake in Bitmain. This gave him the right to vote with a share of 59.6%. In order to deprive Chang of this opportunity and remove him from the position of the head of the company, Jihan held a meeting of shareholders. It was decided to remove Chang.

However, according to Chang's version, there was no meeting. Jihan forged the signatures of shareholders and thus took over the management of the company. Chang also accused its acting head of stealing documents, illegally moving Bitmain's property and disseminating false information. In addition, he offered to resolve the conflict through litigation and announced his readiness to buy back shares of Jihan and other employees at Bitmain's valuation of $4 billion.

In early June, Bitmain co-founder Mikri Jean and a team of private security guards came to the mining giant's office. Shortly before that, he sent letters to investors and employees of the company, which returned to its management. Jean promised to bring Bitmain to an IPO and increase its capitalization to $50 billion within five years, BlockBeats writes.

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