What Happened to Bitmain Series 15 (Zhan Ketuan responded to everything and took employees to watch Forrest Gump)

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After Wu Jihan issued several long articles on the 17th, detailing what happened, Zhan Ketuan also published an article and held a meeting of executives and all employees on the 19th to respond to employee questions.

According to people familiar with the matter, at the executive and staff meeting on the 19th, all staff watched "Forrest Gump" and Zhan Ketuan made the following statement:

1: Regarding the current dispute, it is expected that the court will open in the Cayman Islands in October and the dispute will be resolved within six months. The company will be listed within one year after the dispute is resolved, and its market value will definitely exceed 10 billion US dollars.

2: In addition to relying on legal channels, it is also possible to rely on acquisition channels. Currently, there are 4 reliable investors in talks, but none of them have signed. I hope that if someone signs, they can acquire the shares held by Wu Jihan.

3: The biggest problem at present is the lack of money . There are cases of banks and suppliers demanding payment. Regarding TSMC and whether it can independently ship mining machines, it said it was a business secret and did not respond. Wu said blockchain learned that TSMC's contracts and intellectual property rights are in Hong Kong Bit controlled by Wu Jihan, and it is uncertain whether this will cause obstacles.

4: He believes that his Bitmain mining machines have been ranked first in the world for seven consecutive years, far ahead of competitors, and that Bitcoin chips are the most difficult chips to make in the world.

5: AI chips are very powerful, but the biggest problem is poor sales. The goal is to earn back 1 billion this year, at least 500 million. In the case that the shipment of mining machines may be blocked, AI seems to have become a "life-saving straw".

Previously, Wu Jihan released a detailed internal letter and a long article, and then on the 18th, Zhan Ketuan issued this article: "Beware! Wu Jihan is irresponsibly splitting Bitmain in various ways!"

The article accused Wu Jihan of the following mistakes:

1: "The most important thing for a technology company is of course technical talent, not theorists with empty ideas. Otherwise, how could such a smart person like Wu Jihan give 60% of the company's shares to Zhan Ketuan and his team?"

2: “Since Wu Jihan boasted that he was the No. 1 person in the company, logically speaking, he should have the greatest responsibility for the company. But when the company suffered losses, he pushed all the responsibility onto Zhan Ketuan.

The Hong Kong listing report revealed that Bitmain holds 1 million BCH. The peak price of BCH was $2,000. After a fight with BSV at the end of 2018, it fell to $100. One BCH caused Bitmain to lose $1.9 billion. I feel sorry for the R&D engineers of Bitmain. They worked so hard, but were ruined by someone else!"

Interpretation: The article acknowledged that 60% of the shares were distributed to Zhanketuan and his team, but did not respond to Wu Jihan's questioning of Zhanketuan's monopoly of the shares of technical backbones. Zhanketuan claimed in the meeting today that he gave 20% of the options to employees (the current employee option pool of Bitmain is 18%).

The losses caused by BCH are because Bitmain allowed the purchase of mining machines through BCH, but did not sell them in time, which led to losses. However, it is illogical to use 2000 minus 100 US dollars to equal 1.9 billion US dollars in losses. At present, the price of BCH+BSV is around 400 US dollars. Wu Jihan once admitted that the investment loss was about 800 million US dollars, but it does not only include BCH. The BCH-related losses may be 400-600 million US dollars.