BlockBeats news: On January 15, Xunlei (Nasdaq: XNET) has restarted legal proceedings against its former CEO Chen Lei and his core team, accusing them of harming the company's interests and seeking compensation of up to 200 million yuan. The case has now been officially accepted by a relevant court in Shenzhen, Guangdong, China. Xunlei previously issued a public announcement in September 2020, accusing former CEO Chen Lei of allegedly embezzling tens of millions of yuan in company funds to trade cryptocurrencies and arranging for relatives to fabricate contracts and siphon off company funds. Chen Lei had already left the country with his lover in April 2020.
In June 2017, Chen Lei was appointed as CEO of Thunder Group. One month later, Qianzhuangbao was renamed Wanxiang Cloud and issued a virtual currency called Wanxiang Coin. Thunder changed its cash subsidy model to one where users earned virtual currency based on the amount of resources they shared. Four million Qianzhuangbao users became Wanxiang Cloud miners, and the price of Wanxiang Coin on trading platforms surged from one cent to over ten yuan. That year, Thunder achieved an unusual high point in its history, with daily revenue from the sale of Wanxiang Cloud devices reaching tens of millions. For more details, see BlockBeats' earlier report."What Happened to Xunlei After the Former CEO Ran Away with the Money and His Mistress?"