- Buy Crypto
- Markets
- Futures
- Spot
- Copy Trade
Earn- More
ThunderChain Restarts Lawsuit Against Former CEO Chen Lei, Who Was Involved in Embezzling Millions of Yuan from the Company for Cryptocurrency Speculation
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 seeking a maximum amount of 200 million yuan. The case has now been accepted by a relevant court in Shenzhen, Guangdong, China. Xunlei had previously issued an announcement 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 within the company 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 product Money Bank to Wanke Cloud and issued the Wanke Coin cryptocurrency. Xunlei changed its cash subsidy model to a model where users would receive cryptocurrency based on the amount of resources they shared. 4 million Money Bank users became Wanke Cloud miners, and the price of Wanke Coin on the trading platform surged from 1 cent to over ten yuan. That year, Xunlei relied on Wanke Cloud's daily turnover of billions to achieve one of the few highlights in Xunlei's history. For more details, see BlockBeats' previous report, "Former CEO Runs Away with Lover, What's Wrong with Xunlei?"
You may also like
Hong Kong-Based OSL Group Launches $200M Equity Raise for Stablecoin and Payments Expansion
Key Takeaways OSL Group, a prominent digital asset platform in Asia, has initiated a significant $200 million equity…
Central Bank of the UAE Endorses First USD-Backed Stablecoin
Key Takeaways The UAE Central Bank has endorsed the first US dollar-backed stablecoin, USDU, to streamline compliant settlements…
Can the Gold Price Rise to $6,000?
Key Takeaways Gold prices in 2026 have experienced dramatic surges, reaching unprecedented levels in just the first month…
Talos Raises $45M Series B Extension Backed by Robinhood, Bringing Total Funding to $150M
Key Takeaways: Talos, a leading provider of institutional digital asset trading technology, has raised $45 million in a…
What is the Next Milestone for Gold Prices and Will It Reach $6,000 by Year End?
Key Takeaways: Gold prices recently crossed the $5,000 per ounce mark, spurring predictions of further increases amidst global…
US Senators Criticize DOJ Over Crypto Crime Unit Closure Amid Financial Conflict Concerns
Key Takeaways: Six US senators have criticized Deputy Attorney General Todd Blanche for shutting down the DOJ’s crypto…
Bitpanda and Ribbon Plc to Unveil Comprehensive Crypto Services in the UK
Key Takeaways Bitpanda Technology Solutions collaborates with Ribbon Plc to launch digital asset services in the UK. The…
Bybit to Introduce Dollar Accounts With Partner Banks – Can Crypto Go Mainstream?
Key Takeaways Bybit plans to introduce “MyBank” dollar accounts in partnership with licensed financial institutions, enhancing seamless conversion…
a16z-Backed Crypto Custody Startup to Close, Returning Investor Capital
Key Takeaways Entropy, a decentralized crypto custody startup, is closing its doors after four years due to strategic…
Why DePIN Is the Next Big Revolution in 2026-2028
Key Takeaways DePINs have emerged as a vital solution to the infrastructural demands of AI, moving from theoretical…
CLARITY Act Stalled: How Coinbase's Revolt Against U.S. Crypto Rules Could Freeze the Crypto Market (2026 Update)
Jan 2026: The CLARITY Act imploded when Coinbase opposed Senate's stablecoin yield ban. Explore the 3 'poison pills' that froze crypto regulation and moved markets.
OWL Tokens Transferred in Potential Sell-off Alert
Key Takeaways $2.1 million in OWL tokens were moved from a team’s wallet, raising concerns about a possible…
Crypto Users Face Threat from Massive 149 Million Credential Infostealer Data Breach
Key Takeaways: A massive data breach involving 149 million records was discovered, posing rising risks for crypto users.…
Crypto Takeaways from Davos: When Politics and Finances Collide
Key Takeaways Trump’s Geopolitical Crypto Push: U.S. President Trump emphasized the urgency of crypto regulation as a geopolitical…
Ether treasury ETHZilla acquires aircraft engines amid a new tokenization strategy
Key Takeaways: ETHZilla has shifted focus by purchasing two aircraft engines for $12.2 million, aligning with its new…
A16z-Supported Crypto Venture Entropy Winds Down, Returns Investor Funds
Key Takeaways Entropy, a startup supported by Andreessen Horowitz and Coinbase Ventures, is closing due to scalability challenges…
What the Tightest Part of the LALIGA Season Teaches About Crypto Trading Under Pressure
As pressure builds late in the LALIGA season, decision quality becomes the real differentiator. The same logic applies to disciplined crypto trading under volatility.
![[WEEX VIP Spot Sprint] Best VIP Traders Awards: Win a Share of $100,000 in Rewards](https://images-cms.weex.com/medium_Win_a_Share_of_100_000_in_Rewards_75e69c3539.PNG)
[WEEX VIP Spot Sprint] Best VIP Traders Awards: Win a Share of $100,000 in Rewards
Discover how WEEX VIP traders participate in the VIP Spot Sprint and compete for a share of the $100,000 rewards pool. Clear rules, performance-based rankings.
Hong Kong-Based OSL Group Launches $200M Equity Raise for Stablecoin and Payments Expansion
Key Takeaways OSL Group, a prominent digital asset platform in Asia, has initiated a significant $200 million equity…
Central Bank of the UAE Endorses First USD-Backed Stablecoin
Key Takeaways The UAE Central Bank has endorsed the first US dollar-backed stablecoin, USDU, to streamline compliant settlements…
Can the Gold Price Rise to $6,000?
Key Takeaways Gold prices in 2026 have experienced dramatic surges, reaching unprecedented levels in just the first month…
Talos Raises $45M Series B Extension Backed by Robinhood, Bringing Total Funding to $150M
Key Takeaways: Talos, a leading provider of institutional digital asset trading technology, has raised $45 million in a…
What is the Next Milestone for Gold Prices and Will It Reach $6,000 by Year End?
Key Takeaways: Gold prices recently crossed the $5,000 per ounce mark, spurring predictions of further increases amidst global…
US Senators Criticize DOJ Over Crypto Crime Unit Closure Amid Financial Conflict Concerns
Key Takeaways: Six US senators have criticized Deputy Attorney General Todd Blanche for shutting down the DOJ’s crypto…
App