- Alexander Hoeptner filed a $3.4 million lawsuit against BitMEX, his former employer.
- The court filing alleges breach of contract and wrongful termination.
- BitMEX representative says, “We will defend the claim vigorously.”
According to a court filing, former BitMEX CEO Alexander Hoeptner has sued the company for $3.4 million, alleging breach of contract and wrongful termination. He left BitMEX in Oct 2022. He recently claimed to have received a notice of termination alleging misuse of funds and failing to meet company obligations.
Hoeptner told a crypto news publication,
I’m disappointed that it has gotten to the point that legal proceedings are necessary, but I’ve been left with no choice.
Hoeptner claims BitMEX owes him a total of $3.4 million for unpaid salaries, moving costs, and housing, the court filing states. He relocated several times throughout his tenure as CEO, dividing his time between Hong Kong, Germany, and Singapore.
He was informed by BitMEX in the middle of 2022 that as part of an “extensive cost-cutting and restructuring initiative,” he may not be eligible for his second-year bonus of $2.4 million or any compensation for relocation.
The court filing states his relocation costs were $230,000 at the time. He was sent a notice of termination several weeks later. He said:
We had made tremendous progress – hitting every milestone we set out – which made my wrongful termination even harder to understand.
According to a BitMEX representative, the company cannot provide a formal comment at this time because the case is still proceeding before the Singapore Court but will address Hoeptner’s assertions. However, the representative also said:
Needless to say, we will defend the claim vigorously.
BitMEX recently reduced its workforce by 30% in an effort to revert to its initial emphasis on trading derivatives.