Hodl Ninjas
  • News
  • Markets
  • Guides
  • NFTs
  • Defi
  • Exchanges
  • Subscribe
Search
bitcoin
Bitcoin (BTC) $ 22,791.11
ethereum
Ethereum (ETH) $ 1,626.19
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 323.41
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.400333
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.391818
dogecoin
Dogecoin (DOGE) $ 0.09196
okb
OKB (OKB) $ 44.36
matic-network
Polygon (MATIC) $ 1.19
solana
Solana (SOL) $ 23.19
shiba-inu
Shiba Inu (SHIB) $ 0.000015
staked-ether
Lido Staked Ether (STETH) $ 1,621.14
polkadot
Polkadot (DOT) $ 6.66
litecoin
Litecoin (LTC) $ 95.98
avalanche-2
Avalanche (AVAX) $ 19.87
tron
TRON (TRX) $ 0.063289
dai
Dai (DAI) $ 1.00
uniswap
Uniswap (UNI) $ 6.80
cosmos
Cosmos Hub (ATOM) $ 14.26
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 22,747.09
chainlink
Chainlink (LINK) $ 6.95
the-open-network
Toncoin (TON) $ 2.28
leo-token
LEO Token (LEO) $ 3.58
ethereum-classic
Ethereum Classic (ETC) $ 22.57
monero
Monero (XMR) $ 165.52
bitcoin-cash
Bitcoin Cash (BCH) $ 132.42
aptos
Aptos (APT) $ 14.76
stellar
Stellar (XLM) $ 0.090299
apecoin
ApeCoin (APE) $ 5.66
crypto-com-chain
Cronos (CRO) $ 0.080413
near
NEAR Protocol (NEAR) $ 2.38
filecoin
Filecoin (FIL) $ 5.25
quant-network
Quant (QNT) $ 136.15
algorand
Algorand (ALGO) $ 0.257811
hedera-hashgraph
Hedera (HBAR) $ 0.069514
vechain
VeChain (VET) $ 0.023837
lido-dao
Lido DAO (LDO) $ 2.04
internet-computer
Internet Computer (ICP) $ 5.54
fantom
Fantom (FTM) $ 0.557903
decentraland
Decentraland (MANA) $ 0.724178
the-sandbox
The Sandbox (SAND) $ 0.721024
axie-infinity
Axie Infinity (AXS) $ 10.91
aave
Aave (AAVE) $ 85.26
eos
EOS (EOS) $ 1.08
the-graph
The Graph (GRT) $ 0.128353
flow
Flow (FLOW) $ 1.10
terra-luna
Terra Luna Classic (LUNC) $ 0.000187
elrond-erd-2
MultiversX (EGLD) $ 44.45
Hodl Ninjas
  • News
  • Markets
  • Guides
  • NFTs
  • Defi
  • Exchanges
  • Subscribe
Search
Hodl Ninjas
Home News

The Scandal Behind BitMEX

Ousted CEO Fires Back

Dennis Chen by Dennis Chen
December 28, 2022
in News
0
The Scandal Behind BitMEX

Alexander Hoptner was ousted from BitMEX back in October.

Share on FacebookShare on Twitter

FTX, Voyager, Celsius, these names have notoriety now stamped on their letterheads, but there is one little-known crypto exchange that is causing headaches left and right in the least likely of places. When diving into the next big crypto scandal, we have to jump on a flight to our neighbors across the pond where BitMex reigns supreme. 

Alexander Höptner, the former CEO of BitMEX, joined the firm back in January 2021. However, Höptner abruptly left the firm in October. In his latest court filing, he pointed out that he was ousted from the firm after he received a letter that entailed misuse of funds, failure to execute duties other accusations. Höptner was against this termination and the allegations that followed suit. 

In his filing to Singapore’s High Court, Höptner noted that BitMEX had conducted a “baseless” internal investigation.

What Hoptner Had to Say

This was reportedly done in order to steer away from paying millions of dollars in salary as well as bonuses. The former BitMEX CEO claimed that the exchange owed him $3.4 million. This included $2.4 million from his second-year bonus and other wages like relocation and housing expenses. Elaborating on the relocation expenses, he said, 

“I put my personal and family lives on hold in order to be on the ground managing operations in Singapore and Hong Kong. I’m disappointed that it has gotten to the point that legal proceedings are necessary, but I’ve been left with no choice.” 

His migration from Hong Kong to Singapore and then to Germany was the subject of the inquiry, which found that he had misused corporate funds to pay for the movements. This is what is claimed to have led to his termination in late October. 

Other Details of the Lawsuit

It should be noted that Höptner is being represented by Kelvin Chia Partnership. The lawsuit was filed in the General Division of the High Court of the Republic of Singapore. While BitMEX steered away from affirming the accusations, a spokesperson for the exchange said,

“As the matter is pending before the Singapore Court, we are unable to make any substantive comments at this stage. We will respond to the claims made by Alexander Höptner in Court (which is the appropriate forum). Needless to say, we will defend the claim vigorously.”

BitMEX Makes Cuts of 30% to Focus on Derivatives

Speaking of BitMex, the cryptocurrency exchange recently reduced its workforce by 30%. However, it was an attempt to return to its original focus on derivatives trading. BitMEX’s former CEO, Arthur Hayes, was sentenced to two years of probation earlier this year. He was pleading guilty to charges of willfully failing to implement an anti-money laundering (AML) program at the exchange.

Before joining BitMEX in late 2020. Höptner was CEO of the German stock exchange Borse Stuttgart GmbH and liquidity provider Euwax AG. Hoeptner previously stated that BitMEX intended to launch its native token, BMEX, by the end of the year. 

What do you guys think? Is this the next big crypto scandal, or is this a lesson in choosing the right CEOs, with ethics and morale at the center of their decision-making repertoire? One thing is for certain, less drama and more trading are what the crypto markets need, now more than ever. So let’s hope this is the last we hear of Alexander Höptner, or will it be…?

ShareTweetPin
Previous Post

Inside the Digital Asset Anti-Money Laundering Act

Next Post

Let’s Talk About Binance

Dennis Chen

Dennis Chen

Dennis Chen has spent over a decade working in corporate finance and an MBA from USC. His research focuses on how defi is disrupting traditional finance spaces. He joined the Hodl Ninjas team to help amplify awareness of great crypto projects.

Related Articles

Genesis and Bitcoin Jesus
Markets

Genesis and Bitcoin Jesus

January 31, 2023
Secret Papers of BlockFi
Blockchain

Secret Papers of BlockFi

January 30, 2023
Europe Paves Way for Global Crypto Framework
Blockchain

Europe Paves Way for Global Crypto Framework

January 27, 2023
Sam-Bankman Fried Saga Continues...
Exchanges

Sam-Bankman Fried Saga Continues…

January 26, 2023
Next Post
Let's Talk About Binance

Let's Talk About Binance

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Trending Articles

  • Nike Aggressively Moving Into NFT Space

    Nike Is Secretly Buying NFT Domains: Nike Metaverse?

    0 shares
    Share 0 Tweet 0
  • SBF Promises Customers Will All Get Paid Back

    0 shares
    Share 0 Tweet 0
  • Enter GTX: Three Arrows Capital Rises from the Ashes

    0 shares
    Share 0 Tweet 0
  • What the World’s Business Leaders are Saying about Crypto

    0 shares
    Share 0 Tweet 0
  • Sam-Bankman Fried Saga Continues…

    0 shares
    Share 0 Tweet 0
bitcoinBitcoin
$ 22,791.11
$ 22,791.11
2.48%
ethereumEthereum
$ 1,626.19
$ 1,626.19
2.38%
tetherTether
$ 1.00
$ 1.00
0.09%
solanaSolana
$ 23.19
$ 23.19
4.84%
cardanoCardano
$ 0.391818
$ 0.391818
1.87%
polkadotPolkadot
$ 6.66
$ 6.66
2.85%

Become a Hodl Ninja.

Stay on top of market trends, find exciting new projects, hold on for dear life.

johnsmith@example.com
© 2021 Hodl Ninjas – A BettorView Brand.
No Result
View All Result
  • News
  • Markets
  • Guides
  • NFTs
  • Defi
  • Exchanges
  • Subscribe

© 2021 Hodl Ninjas - A BettorView Brand.

Subscribe to Hodl Ninjas

Get the latest news in crypto and be the first to hear about exciting new projects.

Enter your email address

No thanks, I’m not interested.

Search
$ USD
  • $ USD
  • € EUR
  • ₹ INR
0
Previous 25
Next 25
#CoinPriceMarketcapVolume (24h)SupplyChange (24H)Price Graph (7D)
Previous 25
Next 25