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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