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"Wanke Cloud" Godfather Flees Overseas: The $200 Million Corruption Mystery of Chen Lei, Former CEO of Xunlei

Former Xunlei CEO Chen Lei, once hailed as the visionary behind the blockchain-based "Wanke Cloud" project, is now facing a 2 billion yuan lawsuit for alleged corruption and embezzlement. Appointed as CEO in 2017, Chen spearheaded the launch of Wanke Cloud, a device that allowed users to "mine" digital tokens by sharing bandwidth. The project initially drove Xunlei’s stock price up fivefold, but soon drew regulatory scrutiny over accusations of facilitating an illegal ICO. Internal conflicts and regulatory crackdowns followed, leading to Chen’s abrupt dismissal in April 2020. Xunlei accused him of funneling over 170 million yuan to Xingronghe, a shell company controlled by his close associates and relatives, through suspiciously fast-tracked payments. Chen also allegedly orchestrated the mass resignation of key employees to join Xingronghe, costing Xunlei millions in compensation. After his removal, Chen left China and has since remained overseas, complicating legal proceedings. Although criminal charges were dropped in 2022 due to insufficient evidence, Xunlei renewed its efforts with a civil suit filed in January 2026, seeking recovery of the misappropriated funds. Chen has expressed regret over his tenure, citing political friction and naivety in corporate dynamics. His story reflects the volatile intersection of technology, speculation, and corporate governance in China’s internet industry.

比推01/15 14:06