Thunderbolt Chen Lei Case: Dark Deals, Mistresses, and Cryptocurrency Black Money Under the Blockchain Frenzy
Lei Chen, former CEO of Xunlei and its subsidiary Wangxin Technology, is facing a 200 million RMB civil lawsuit filed by the company in January 2026 for alleged damage to corporate interests. The case, accepted by a Shenzhen court, revives earlier accusations from 2020 that Chen embezzled company funds through fabricated transactions and false contracts, diverting tens of millions of yuan into illegal cryptocurrency speculation.
Chen, a tech elite with a background at Google, Microsoft, and Tencent, led Xunlei's pivot to blockchain in 2017, launching the popular "Wanke Cloud" device and its associated "Wanke Coin" (later renamed "LinkToken"). The initiative initially boosted Xunlei’s stock, but internal governance issues emerged. An audit revealed Chen allegedly funneled money through a controlled supplier, Xingronghe, and used company resources for crypto trading—violating China’s crypto ban.
The case also involves Chen’s close relationship with Dong Xia, a senior VP he appointed, with whom he had a child—contradicting his prior denials. Both left China in April 2020, hindering a criminal investigation that was later dropped. The civil case now seeks accountability, highlighting early crypto industry risks and corporate governance failures in Chinese tech.
marsbit01/15 10:02
