Alexander Hoeptner details BitMEX wrongful termination lawsuit

The court filing claimed that Höptner’s termination was “completely wrongful and without basis.”

Former BitMEX CEO Alexander Höptner has sued his former employer for $3.4 million for breach of contract and wrongful termination. This includes $2.4 million for his second-year bonus and smaller amounts for remaining salary, moving expenses and housing.

The claim, filed by Höptner’s legal representatives – Kelvin Chia Partnership – in Singapore’s High Court, alleges BitMEX conducted a “baseless” internal investigation against him to avoid payment of salary and bonuses.

  • The current investigation is primarily centered around his multiple moves to Hong Kong, Singapore and Germany.
  • The ousted CEO said he was accused of misusing company funds. In the archive it was said,

“There were no objections and/or concerns relating to the Claimant’s relocation and/or the costs to be incurred by the HDR Group in connection therewith.”

  • However, Höptner was informed by BitMEX that the company may not pay his second-year bonus or reimburse him for his move as a result of an “extensive cost-cutting and restructuring program that involved numerous layoffs.”
  • However, BitMEX co-founders Arthur Hayes and Samuel Reed reportedly launched an investigation into his spending in late September, according to court filings.
  • The following month, the derivatives platform informed the executive of his dismissal in a letter citing the investigation that accused him of “dishonestly misappropriating around $230,000 of the group’s funds to finance his personal and unauthorized move from Hong Kong to Germany.”
  • These claims prevented Höptner from being entitled to further payments.
  • It was previously reported that the boss stepped down as CEO less than two years after replacing Hayes. His role was later filled by Stephan Lutz.
  • The crypto potato Comments received on behalf of the former director:

After being brought on board in late 2020, in collaboration with my management team and the board, I developed an aggressive strategy to scale and diversify the company. We were very much on schedule, which made the actions of the founders even more confusing to me. I honestly believe that no matter how well my team and I delivered, the founders would have always found a way to re-insert themselves into the day-to-day running of the company.

Following instructions from the founders and the board, I put my life on hold to move several times as required by the company. I am disappointed that it has come to the point where legal proceedings are necessary, but I have had no choice.

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