Crypto Derivatives Exchange Is Being Sued by the Former CEO of BitMEX for Breach of Contract and Wrongful Termination

According to a court document, Alexander Hoeptner, the former CEO of BitMEX, is suing the cryptocurrency derivatives marketplace for $3.4 million for breach of contract and wrongful termination.
In January 2021, Hoeptner started working for the Seychelles-registered exchange as top executives at HDR Global Trading Limited, BitMEX’s owner and operator, were being sued for allegedly facilitating illegal trading.
Hoeptner’s departure from the company was previously mentioned but without further information. Hoeptner now claims that he received a letter of termination citing, among other things, the misappropriation of funds and failure to perform duties.

According to the court document, “Such termination is completely wrongful and without basis.”

According to Hoeptner, BitMEX owes him a total of $3.4 million, of which $2.4 million is for his second-year bonus and the remaining sums are for unpaid wages, moving costs, and housing. This information is revealed in the court document.
Hoeptner told CoinDesk, “At the founders and board’s direction, I put my personal and family lives on hold to be on the ground managing operations in Singapore and Hong Kong. “I regret that we have reached the point where legal action is required, but I have no other option,” the person said.

According to documents, Hoeptner moved around a lot while serving as CEO of BitMEX, dividing his time between Singapore, Germany, and Hong Kong.

The filing states that neither the claimant’s relocation nor the costs that would be incurred by the HDR Group in connection with it were objects to or causes for concern.
However, sometime between July and August 2022, the company informed him that there was a chance he might not get his second-year bonus or any compensation for his move due to “extensive cost-cutting and restructuring program which involved numerous layoffs.”
According to the filing, his relocation costs stood at $230,000 at the time. He received a letter of termination a few weeks later.
We had achieved all of our goals, which made his wrongful termination even more difficult to comprehend, he claimed.

As the case is still pending before the Singapore Court, a BitMEX spokesperson told CoinDesk that the exchange is unable to make any substantive comments at this time but that it will address Hoeptner’s claims. The spokesperson said, “Needless to say, we will vigorously defend the claim.
The cryptocurrency exchange recently reduced its workforce by 30% in an effort to return to its original focus on trading derivatives. Arthur Hayes, the former CEO of BitMEX, pleaded guilty to charges of willfully failing to implement an anti-money laundering (AML) program at the exchange and was given a two-year probationary period earlier this year.