Co-founder of crypto mining giant Bitmain, Micree Zhan Ketuan, has initiated court proceedings against the company shareholders in a bid to restores his voting control of the firm.
As BNN Bloomberg reported on Jan. 3, Zhan asked a Cayman Islands court to discredit Bitmain’s shareholders' decision to convert the mining company’s Class B shares to one vote per share, while previously each Class B share had come with ten votes. As such, the shareholders greatly reduced Zhan’s influence over the company.