Former BitMEX CEO Sues Platform for Wrongful Termination

Alexander Hoptner, the former CEO of cryptocurrency exchange Bitmex has sued his previous employer for wrongfully terminating his appointment.

According to a recent report, Alexander’s legal representatives filed a lawsuit against the Seychelles-based exchange in the General Division of the Supreme Court of the Republic of Singapore.

According to the filing, Alexander was ousted from the platform after accusations of misuse of funds filed and failure to discharge his duties amongst other allegations. He is now claiming a $3.4 million charge against his previous employer. This sum includes $2.4 billion in bonuses from his second year and other numerous wages including housing and relocation expenses.

According to Alexander’s lawyers, the exchange was trying to avoid paying him its entitlement after his appointment was wrongfully terminated following a baseless investigation by the platform.

Bitmex Cost-Cutting Measures

While there was no dispute as to the costs that would be incurred for the claimants’ relocations, the filing revealed that Alexander was informed that there was a chance he would not receive his second-year bonuses and other reimbursements due to the platform’s extensive cost-cutting and restructuring program.

Meanwhile, the derivatives exchange platform further trimmed its workforce by about 30% in November as it looked to refocus on building a vibrant derivative community. Before then, it had laid off about 75 members of its staff in April. A hearing on the matter has now been scheduled for January 25.

Alexander joined the platform in January 2021 as a replacement for Arthur Hayes who alongside other firm founders was burdened with legal troubles for facilitating unregistered trading. Before resigning in October 2022, he led the exchange to the launch of its first spot trading which accommodated seven pairs of digital assets. He also announced the rollout of the exchange native token BMEX.

Prior to his stint at BitMEX, Alexander was the CEO of the German stock exchange Borse Stuttgart GmbH and liquidity provider Euwax AG. He is now replaced by the Chief Financial Officer of the exchange Stephan Lutz who is now acting in the interim while still operating in the office of a CFO.