Xunlei has sued its former CEO Chen Lei, alleging that he misappropriated company funds for illegal cryptocurrency trading.

Xunlei Corporation (Nasdaq: XNET) has filed a lawsuit against its former CEO Chen Lei and his core team, accusing them of misappropriating company funds and seeking damages of up to 200 million yuan. The case has been accepted by a court in Shenzhen. Chen Lei is also suspected of misappropriating tens of millions of yuan of company funds for illegal cryptocurrency trading, which is prohibited by the state. To evade investigation, Chen Lei left the country in early April 2020.