BlockBeats News, January 15th, Today Xunlei (Nasdaq: XNET) restarted the lawsuit against former CEO Chen Lei and his core team, accusing them of infringing the company’s interests and claiming up to 200 million yuan. The case has been accepted and filed by a relevant court in Shenzhen, Guangdong, China. Xunlei had previously announced in September 2020, accusing former CEO Chen Lei of embezzling millions of yuan of company funds for cryptocurrency speculation, arranging for relatives to fabricate contracts internally to embezzle company funds, and Chen Lei had already left the country with his lover in April 2020.
In June 2017, Chen Lei was appointed CEO of Xunlei Group. One month later, Xunlei renamed its project One Thing Cloud to Wanke Cloud and issued the Wanke Coin cryptocurrency. Xunlei changed its cash subsidy model to a model where users received cryptocurrency based on the amount of resources they shared. 4 million One Thing Cloud players became Wanke Cloud miners, and the price of Wanke Coin on the trading platform skyrocketed from 0.01 yuan to over ten yuan. That year, Xunlei relied on selling Wanke Cloud to generate daily revenue of over 100 million yuan, becoming one of Xunlei’s rare highlights in history. For more details, see BlockBeats’ previous report, “Former CEO Runs Away with Lover, What’s Happening to Xunlei?”
