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Former BitMex CEO Files Lawsuit Against The Exchange Over Wrongful Sack

The recently sacked CEO of crypto exchange, BitMex, Alexander Hoptner, has dragged his former employer to court over his dismissal. The former CEO alleged that the company had wrongfully terminated his contract and breached their agreement.

A $3.4 Million Lawsuit Against BitMex

In his lawsuit at a Singapore High Court on December 19, Hoptner alleged that BitMex had initiated a “baseless” investigation of him to prevent him from his entitled salary and allowances.

Speaking further, the former CEO disclosed that the core of the internal investigation occurred during his relocation between Singapore, Hong Kong, and Germany. According to the court filing, Hoptner revealed that the company accused him of using company funds to fund his travels. Hence, the reason terminated his contract wrongfully two months ago.

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The former CEO’s legal team labeled BitMex’s accusation against Hoptner as baseless and demanded that the company pay him nearly $3.5 million in salaries, bonuses, and damages. Meanwhile, a breakdown of the figures shows that $2.4 million is for the company’s “second-year” bonuses and other allowances.

In a statement addressing his wrongful dismissal, Hoptner noted, “I have always performed in the company’s interest while in office. Hence, sometimes I put my family and personal time on hold to travel and represent the company at various locations.

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Then, he added, “I am displeased with how things have turned out, and it has reached a point where involving the court is the only way to address the issue.” According to a BitMex spokesperson, the issue will be decided by a High Court of Singapore, and the company will make no further statement.

The spokesperson said the company would respond to Hoptner’s allegations when they meet in court.

Hoptner’s Vast Experience

Alexander Hoptner is a seasoned market veteran in the financial sector who spent over a decade of experience at various levels and became BitMex CEO last year January. His appointment occurred a few months after the company and its founders were charged by the US DoJ and one of its financial regulators, the CFTC.

Both watchdogs accused BitMex of operating without a license. However, in August last year, BitMex agreed to pay $100 million as a penalty to settle the charges brought by the regulators.

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In addition, BitMex’s former executives also paid $10 million fines to the CFTC after pleading after admitting to the charges brought against them.


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Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

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