Bitmain in Turmoil: Zhan Ketuan Rumored Detention and Multi-Billion-Dollar Fine

[kevin1]

Crypto circles are abuzz after reports surfaced that Bitmain co-founder Micree “James” Zhan Ketuan may have faced a billion-dollar fine and alleged detention in China, leaving the company’s leadership in disarray.

Bitmain, powering over 74% of the global Bitcoin hash rate and supplying chips for AI data centers, now faces the dual pressures of internal conflict and geopolitical scrutiny. Rumors suggest Zhan may have fled to Indonesia or paid fines ranging from $1–10 billion, though nothing is confirmed.

Key points for advanced observers:

Dual CEO collapse: Jihan Wu reportedly leveraged political connections to consolidate control, creating operational gaps in Bitmain’s strategic and technical divisions.

Xinjiang mining disruptions: Regulatory pressure in China may have impacted mining output and hardware availability.

Global implications: Any instability at Bitmain could ripple across Bitcoin networks and AI hardware supply chains.

Market participants are advised to monitor on-chain hash rate data, Bitmain hardware shipment updates, and Chinese regulatory news, as these will influence BTC mining stability and broader market liquidity.

[chainsniff]

Bitmain drama = btc miners sweating everywhere