Although the central issue was the strategies for working with halving, it was noted that there was a change in the internal management of the organization. Jihan Wu, a confounder of the company that had retired introduced himself as the CEO of Bitmain. Showing then that Ketuan "Micree" Zhan had been expelled from the board and removed from office.
Subsequently, through official communications and documents, it is explained that it is a case raised in the Cayman Islands. However, it is complex to get this kind of information. To this point is the complexity of the matter, that today the people of CoinDesk continue to analyze the issue. Stressing that it was his team that got new documents.
The document explains how they managed to expel Zhan from his position in Bitmain. Apparently they went to the Fifth Memorandum and Articles of Association (AoA), exposing the internal rules that govern voting dynamics and board meetings.
According to Bitmain's AoA, the company can "appoint and remove a director or directors" through what is called an ordinary resolution, one of two types of resolutions on which board meetings may decide to act. The other type is called a special resolution.
According to the definition of the AoA, an Ordinary Resolution is a resolution “approved by a simple majority of not less than half of the votes cast by Members who, having the right to do so, vote in person or by proxy”.
Therefore, board members used their actions to vote on whether or not to employ Zhan. Finally concluding that Zhan was not beneficial to Bitmain and posed a threat.
However, months later Zhan seeks to file a lawsuit against the company to prove that they did not follow the necessary parameters to expel him. Although, as stated by the people of CoinDesk, it seems that this demand is being won by Bitmain.
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