Alexander Höptner, the recently fired CEO of crypto exchange operator Bitmex, has filed a $3.4 million wrongful termination and breach of contract claim against his former employer.
According to Höptner’s filing today in Singapore’s High Court, Bitmex conducted a “baseless” internal probe against him in order to avoid paying millions of dollars in salary and bonuses. According to the claim, the inquiry focused on his relocation from Hong Kong to Singapore and then to Germany, and decided that he misused company funds to pay for the moves, which served as the purported reason for his dismissal in late October.
Höptner’s lawyers in the claim label the company’s charges “completely without basis” and allege Bitmex owes him $3.4 million in damages. This number includes a $2.4 million “second anniversary bonus,” salaries, housing and education allowances, and other benefits.
Höptner’s legal team filed the claim in the General Division of the High Court of the Republic of Singapore against Three Fins Pte Ltd., a Singaporean subsidiary of HDR Global Ltd., the Seychelles-registered business behind Bitmex.
“During my tenure, I always behaved in the best interests of the company, I put my personal and family lives on hold to be in Singapore and Hong Kong. I’m unhappy that it has come to the point where legal action is required, but I’m at a loss for words.” Höptner said.
“As the action is pending before the Singapore Court, we are unable to make any substantial comments at this stage,” a Bitmex spokeswoman stated. In Court, we will answer to Alexander Höptner’s assertions (which is the appropriate forum). Needless to say, we will strongly oppose the accusation.”
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