ThunderChain Restarts Lawsuit Against Former CEO Chen Lei, Who Was Involved in Embezzling Millions of Yuan from the Company for Cryptocurrency Speculation

By: theblockbeats.news|2026/01/15 17:30:13

0

Share

copy

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?"

-- Price

You may also like

Particle Founder: The entrepreneurial insights I have gained the most from in the past year

Particle Founder: The entrepreneurial insights I have gained the most from in the past year

Stop lean startup, stop lightning entrepreneurship, and think carefully about what your product aspirations are.

Huang Renxun's latest podcast transcript: The future of Nvidia, the development of embodied intelligence and agents, the explosion of inference demand, and the public relations crisis of artificial intelligence

Huang Renxun's latest podcast transcript: The future of Nvidia, the development of embodied intelligence and agents, the explosion of inference demand, and the public relations crisis of artificial intelligence

The competition in the future is not just about whose model is larger or whose computing power is stronger, but also about who understands the industry better, who can embed AI more deeply into real processes, and who can organize these capabilities into a runnable and scalable system.

OKX Ventures Research Report: AI Agent Economic Infrastructure Research Report (Part 1)

OKX Ventures Research Report: AI Agent Economic Infrastructure Research Report (Part 1)

The existing infrastructure is hostile to the Agent economy. Agents can think and act independently at the "capability level," but at the "economic level," they are still locked into infrastructure designed for humans.

The migration of settlement rights: B18 and the institutional starting point of on-chain banks

The migration of settlement rights: B18 and the institutional starting point of on-chain banks

In the traditional system, banks decide the settlement; in the on-chain system, code begins to take over this responsibility.

From Tencent and Circle: Looking at the Simple and Difficult Questions of Investment

From Tencent and Circle: Looking at the Simple and Difficult Questions of Investment

The AI narrative continues to ferment, but the recent performance of related stocks varies, with some in the midst of summer and others as if in winter.

The second half of stablecoins no longer belongs to the crypto circle

The second half of stablecoins no longer belongs to the crypto circle

What Coinbase doesn't want, Mastercard is eager to buy.

Cursor "Shell" Kimi Controversy Reversed: From Copyright Infringement Allegations to Authorized Collaboration, China's Open Source Model Once Again Becomes a Global AI Foundation

Cursor "Shell" Kimi Controversy Reversed: From Copyright Infringement Allegations to Authorized Collaboration, China's Open Source Model Once Again Becomes a Global AI Foundation

Cursor was accused of being based on Kimi K2.5, which sparked controversy, and was later confirmed to be compliant through Fireworks AI due diligence.

The Real Reason Tokens Don't Sell: 90% of Crypto Projects Overlook Investor Relations

The Real Reason Tokens Don't Sell: 90% of Crypto Projects Overlook Investor Relations

Provide an Investor Relations Best Practices Guide for Crypto Projects.

Is the income of pump.fun real, earning a million dollars a day despite the market downturn?

Is the income of pump.fun real, earning a million dollars a day despite the market downturn?

If it can really earn this much, what is the reason for the low price of $PUMP?

The real reason why tokens are not selling: 90% of crypto projects neglect investor relations

The real reason why tokens are not selling: 90% of crypto projects neglect investor relations

Investor Relations Practice Guide for Cryptocurrency Projects.

Who is the true winner of the "Tokenization" narrative?

Who is the true winner of the "Tokenization" narrative?

Virtually everyone benefits, but the reason for the benefit, the timing, and the underlying logic are completely different.

Moss: The Era of AI-Traded by Anyone | Project Introduction

Moss: The Era of AI-Traded by Anyone | Project Introduction

AI Trading Agent is rapidly growing its infrastructure.

Chip Smuggling Case Exposes Regulatory Loophole | Rewire News Evening Update

Chip Smuggling Case Exposes Regulatory Loophole | Rewire News Evening Update

AI chips have become a strategic asset more sensitive than missiles

How a Structured AI Crypto Trading Bot Won at the WEEX Hackathon

How a Structured AI Crypto Trading Bot Won at the WEEX Hackathon

Ritmex demonstrates how disciplined risk control and structured signals can make an AI crypto trading bot more stable and reliable on WEEX, highlighting the importance of combining execution discipline with scalable AI trading systems.

Old Indicator Fails, Three Major New Signals Emerge: BTC True Bottom May Still Be Below $60K

Old Indicator Fails, Three Major New Signals Emerge: BTC True Bottom May Still Be Below $60K

When the grocery shopping auntie on the subway, or Tony the hairdresser, start asking you about BTC, crypto, and cryptocurrency investments, selling immediately will be the only best option.

Meeting OpenClaw Founder at a Hackathon: What Else Can Lobsters Do?

Meeting OpenClaw Founder at a Hackathon: What Else Can Lobsters Do?

Imperial College London MetaGame: AI Agent × Web3 Landing Three Major Directions.

Huang Renxun's Latest Podcast Transcript: NVIDIA's Future, Embodied Intelligence and Agent Development, Soaring Demand for Inferencing, and AI's PR Crisis

Huang Renxun's Latest Podcast Transcript: NVIDIA's Future, Embodied Intelligence and Agent Development, Soaring Demand for Inferencing, and AI's PR Crisis

The future of competition is not only about whose model is bigger, whose computing power is stronger, but also about who understands the industry better, who can more deeply integrate AI into real processes, and who can organize these capabilities into a set of executable, scalable systems

How a Structured AI Crypto Trading Bot Won at the WEEX Hackathon

How a Structured AI Crypto Trading Bot Won at the WEEX Hackathon

Crypto_Trade shows how structured inputs and controlled adaptability can build a more stable and reliable AI crypto trading bot within the WEEX AI Trading Hackathon, highlighting a practical path toward scalable AI trading systems.

Particle Founder: The entrepreneurial insights I have gained the most from in the past year

Stop lean startup, stop lightning entrepreneurship, and think carefully about what your product aspirations are.

Huang Renxun's latest podcast transcript: The future of Nvidia, the development of embodied intelligence and agents, the explosion of inference demand, and the public relations crisis of artificial intelligence

The competition in the future is not just about whose model is larger or whose computing power is stronger, but also about who understands the industry better, who can embed AI more deeply into real processes, and who can organize these capabilities into a runnable and scalable system.

OKX Ventures Research Report: AI Agent Economic Infrastructure Research Report (Part 1)

The existing infrastructure is hostile to the Agent economy. Agents can think and act independently at the "capability level," but at the "economic level," they are still locked into infrastructure designed for humans.

The migration of settlement rights: B18 and the institutional starting point of on-chain banks

In the traditional system, banks decide the settlement; in the on-chain system, code begins to take over this responsibility.

From Tencent and Circle: Looking at the Simple and Difficult Questions of Investment

The AI narrative continues to ferment, but the recent performance of related stocks varies, with some in the midst of summer and others as if in winter.

The second half of stablecoins no longer belongs to the crypto circle

What Coinbase doesn't want, Mastercard is eager to buy.

Popular coins

Latest Crypto News

00:42

Bitwise's BSOL has become the largest asset management scale Solana staking ETP

According to Blockworks, BSOL (the Solana staking ETP launched by Bitwise) has become the largest Solana staking ETP by assets under management (AUM).Over $1.8 billion in SOL is staked through the ETP, of which $600 million is held by BSOL owned by Bitwise.

00:42

This week, the US Ethereum spot ETF had a cumulative net outflow of 60 million dollars, while the Solana spot ETF had a net inflow of 20.4 million dollars

According to Farside monitoring data, this week the US Ethereum spot ETF had a cumulative net outflow of 60 million dollars, while the Solana spot ETF had a cumulative net inflow of 20.4 million dollars.

00:42

Long-term shorting of BTC, giant whales cancel limit buy orders for BTC at $50,525

According to HyperInsight monitoring, the whale (0x5d2f4) has canceled a limit buy order for BTC at the price level of $50,525 on Hyperliquid, but will still buy 50 BTC when BTC drops to $53,525.This whale entered the market with a 20x leverage short position of 499.91 BTC at a Bitcoin price of $111...

00:42

The SOL chain meme coin CHIBI surged over 210% within the day, with a market value exceeding 7.8 million dollars

According to GMGN data, the market capitalization of the SOL ecosystem Meme coin CHIBI once exceeded 7.8 million USD, currently reported at about 7.4 million USD, with a daily increase of over 210%.ChainCatcher reminds users that the prices of Meme coins are highly volatile, and investors should be ...

00:42

Data: In the past 24 hours, the total liquidation across the network was $73.8976 million, with long positions liquidated at $38.8703 million and short positions liquidated at $35.0273 million

According to Coinglass data, in the past 24 hours, the total liquidation across the network was $73.8976 million, with long positions liquidated at $38.8703 million and short positions liquidated at $35.0273 million. Among them, Bitcoin long positions were liquidated at $7.466 million, Bitcoin short...