According to PANews, Xunlei Limited (Nasdaq: XNET) has initiated legal proceedings against its former CEO, Chen Lei, and his core team, accusing them of harming the company's interests. The lawsuit seeks damages amounting to 200 million yuan and has been accepted by a relevant court in Shenzhen. Chen Lei is also suspected of misappropriating tens of millions of company funds for illegal cryptocurrency trading, which is prohibited by national regulations. To evade investigation, Chen Lei reportedly left the country in early April 2020.