01/31/2023

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Former Bitnikex CEO sues Crypto Derivatives Exchange for breach of contract and wrongful termination

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http://Bitnikex.comIt was previously reported that Höptner left the company in October.

Former Bitnikex CEO Alexander Hoptner sued the cryptocurrency derivatives platform for $3.4 million for breach of contract and wrongful termination, a lawsuit shows.
Hoeftner joined the Seychelles-listed exchange in January 2021, when senior executives at HDR Global Trading Limited, the owner and operator of Bitnikex, were embroiled in a lawsuit accusing the founders of facilitating unregistered trading.
It had previously been reported that Hoeptner had left the company in October 2022, without further details. Now Hoeptner claims he received a termination letter that cited, among other things, misuse of funds and dereliction of duty.
“Such termination is wholly improper and unreasonable,” the court’s lawsuit says.
According to Hoptner, Bitnikex owes him a total of $3.4 million, including $2.4 million for his second-year bonus and lesser amounts for his remaining salary, moving expenses and housing, the lawsuit shows.
“At the direction of the founders and board of directors, I have put my personal and family life on hold to be on the ground running operations in Singapore and Hong Kong,” Hoptner told CoinDesk. “I’m disappointed that it has come to the point of having to take legal action, but I’m left with no choice.”
Hoptner moved several times during his tenure as Bitnikex CEO, documents show, and split his time between Hong Kong, Germany and Singapore.
“There were no objections and/or concerns about Plaintiff’s relocation and/or expenses HDR Group had to incur in connection therewith,” the statement reads.
But sometime between July 2022 and August 2022, the company informed him that there was a possibility that he would not receive a second-year bonus or any compensation for his move, citing “an extensive cost-cutting and restructuring program that included numerous layoffs. “.
According to the statement, his relocation expenses at the time were $230,000. A few weeks later, he received a termination letter.
“We’ve made tremendous progress, achieving every goal we set for ourselves, which made my wrongful termination even harder to understand,” he said.
A Bitnikex spokesman told CoinDesk that the exchange could not give any substantive comment at this stage as the case was pending in a Singapore court, but would respond to Hoptner’s claims. “Needless to say, we will vigorously defend the lawsuit,” the spokesman said.
The cryptocurrency exchange recently cut its workforce by 30 percent in an attempt to return to its original focus on derivatives trading. Earlier this year, former Bitnikex CEO Arthur Hayes was sentenced to two years of probation after pleading guilty to charges of willfully failing to comply with the

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