BitMEX Sued by its Former CEO for Breach of Contract

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BitMEX Sued by its Former CEO for Breach of Contract

According to a court file, Alexander Hoeptner, the previous CEO of BitMEX, is taking legal action against the cryptocurrency derivatives market for $3.4 million for breach of agreement and wrongful termination.

In January 2021, Hoeptner began working for the Seychelles-registered exchange as magnates at HDR Global Trading Limited, BitMEX’s owner and operator, were being demanded presumably helping with unlawful trading.

Hoeptner left BitMEX in October 2022

Hoeptner’s departure from the business was formerly discussed however without additional details. Hoeptner now asserts that he got a letter of termination pointing out, to name a few things, the misappropriation of funds and failure to carry out responsibilities.

“Such termination is entirely wrongful and without basis,” the court filing stated.

Hoeptner declares that BitMEX owes him an overall of $3.4 million, that includes $2.4 million for his second-year bonus offer and smaller sized amounts for the rest of his incomes, moving expenses, and real estate, as evidenced by the court file.

“At the instructions of the creators and the board, I put my individual and domesticity on hold in order to be on the ground handling operations in Singapore and Hong Kong.” “I’m dissatisfied that it has actually specified that legal procedures are required, however I’ve been entrusted no option.”

Hoeptner informed CoinDesk

According to files, Hoeptner walked around a lot while acting as CEO of BitMEX, dividing his time in between Singapore, Germany, and Hong Kong.

At some point in between July and August 2022, the business notified him that there was a possibility he may not get his second-year benefit or any settlement for his moving, mentioning “substantial cost-cutting and restructuring program which included many layoffs.”

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According to the filing, his moving expenses stood at $230,000 at the time. He got a letter of termination a couple of weeks later on.

The cryptocurrency exchange just recently minimized its labor force by 30% in an effort to go back to its initial concentrate on trading derivatives.

Arthur Hayes, the previous CEO of BitMEX, pleaded guilty to charges of intentionally stopping working to develop an anti-money laundering (AML) program at the exchange and was provided a two-year probationary duration previously this year.

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