According to posts on X(SNS), Micree “James” Zhan Kuntun, co-founder of Bitmain, may be facing billions of dollars in fines, detention allegations, and a complete separation from his business partner, Ji Hanwoo.
Due to conflicting reports, the cryptocurrency industry is busy verifying the concrete facts surrounding what could be the biggest crisis within the industry.
Bitmain co-founder, centered around speculation and uncertainty
Bitmain is a pioneer in Bitcoin mining hardware, possessing equipment that accounts for over 74% of the global Bitcoin hash rate. Additionally, the company is responsible for the chips used in AI data centers running Nvidia H100.
The company is now at the crossroads of geopolitical, legal investigations, and internal management conflicts.
On December 21, 2025, veteran in the cryptocurrency industry Chandler Guo posted on social media hinting at a colleague's “deep sea fishing” ordeal, sparking intense speculation. This term refers to a billion-dollar incident and a six-month covert detention within China.
According to Guo, the individual was released safely but learned the lesson that even the “strongest backing” cannot be fully trusted. He reported realizing that when the support collapses, those around it also suffer.
“I have an old friend in the cryptocurrency industry who recently experienced a deep sea fishing incident. It involves billions of dollars, and he has been dealing with it for six months. Fortunately, he has already made it out safely… He used Bai's connections to eliminate his opponents, but ultimately paid the price from Bai's enemies.” – Chandler Guo
Observers immediately connected the story of Guo with Jian. Rumors of fines ranging from $1 billion to $10 billion circulate in the cryptocurrency industry, but no officially confirmed facts exist.
Some reports state that Jian paid a $1 billion fine. Another report claims that two months ago he fled to Indonesia and is missing. An influential Chinese community leader on X confirmed two major facts.
Recent halt of mining operations in Xinjiang and
escalating internal conflicts among Bitmain co-founders.
Founder conflict…collapse of the dual CEO system
Bitmain's dual CEO system allowed Jian and Wu to lead the company together, but it collapsed completely in 2025. Wu, a graduate of Peking University, is said to have responded to Jian, a former researcher at the Chinese Academy of Sciences who has focused on chip design and production through political connections.
The conflict between these two reflects the risks across the industry and illustrates the dangers posed by collusion with powerful sponsors.
This internal turmoil occurred at a time when Bitmain was under external pressure. Jian has historically focused on technological operations, while Wu has overseen strategic partnerships and business development.
The absence of any co-founder can leave an operational gap for Bitmain, which is now at the center of global Bitcoin mining. The company is already facing a lawsuit from Old Const for hosting contract violations and attempts to reclaim mining equipment without justifiable reasons.
Geopolitical risk…infrastructure vulnerability
Not only internal corporate conflicts, but Bitmain is also under investigation by U.S. authorities for hardware security threats. In June, Bitmain and another company moved their headquarters to the U.S. to optimize their supply chains and avoid new tariffs.
However, the company's mining infrastructure is deeply involved in both cryptocurrency and AI data centers, raising national security concerns further.
Any issues arising could have ripple effects on the global Bitcoin network, showing that cryptocurrencies are continuously exposed to geopolitical tensions.
Recent crackdowns on mining operations in Xinjiang and rumors of detention have added to speculation that regulatory pressures are being applied systematically.
The cryptocurrency industry is keeping a tense watch. This situation could affect the mining hardware market, supply chains, competitive dynamics, and more.
