The co-founder of the startup behind last year's Bella Hadid-themed NFT collection is suing his business partner for $77 million, accusing him of having "gone rogue," stealing millions in crypto and taking control of the company.
Krzysztof Gagacki, the co-founder of online NFT game Rebase, alleged that Edmond Truong stole about $2 million in crypto in October from a wallet they both controlled, according to a 22-page document filed with a U.S. court this week. Truong has also allegedly excluded Gagacki from the company's operations, including starting talks to issue Rebase’s planned token on the Arbitrum blockchain without his co-founder's knowledge.
Truong "has ousted Mr. Gagacki from their joint venture and is now holding himself out to third parties as the sole owner and decisionmaker for the Rebase app," the filing alleges.
Gagacki estimates that Rebase is worth more than $150 million and is seeking damages of at least $77 million, plus interest.
"I care deeply about the Rebase community, and I wish this action had not become necessary. But Mr. Troung refused reply to multiple requests from me and my team," Gagacki said in an email. "Moreover, Mr. Troung's actions are egregious, defamatory and – taking into account the wealth of evidence we have shared with the FBI and US Attorney – potentially criminal. We look forward to fully presenting our case via the legal process."
Truong didn't respond to a LinkedIn message seeking comment.
The conflict among the co-founders is the latest in a young industry being led generally by younger executives with little professional experience who find themselves at odds. Umami Labs is in the midst of an internal battle and former FTX U.S. President Brett Harrison resigned last year in part as a result of a “protracted disagreement” with Chief Executive Officer Sam Bankman-Fried.
Hadid launched a collection of 11,111 NFTs last year. Known as CY-B3LLA, the collection featured artwork based on 3-D scans of the U.S. supermodel's face and body. The projects currently appears dormant, with its website URL dead and its Twitter account unused since October.
Hadid received about $1.5 million for her involvement in the project, according to this week's court filing.
The case is number 2:23-cv-02876 in the U.S District Court for the Central District of California.
(Updates with comment from Gagacki.)
source:theblock
Polkadot was launched in May 2020. In a market dominated by Bitcoin and Ethereum, it quickly established itself as the next generation blockchain. The scale and interoperability problems limit Bitcoin's ability to transfer value without the assistance of
For some newcomers to the currency circle, they are not familiar with the investment in the currency circle, and their understanding of the special currency is not very deep. Therefore, they may be at a loss in the choice of investment methods. Many inves
Lummis is a well-known crypto advocate on Capitol Hill with over $100,000 in crypto.
Several analysts argue that shrimp accumulation is good for the Bitcoin network because it makes the asset more decentralized over time.
ARK Invest filed for a spot Bitcoin ETF in collaboration with 21Shares long before BlackRock did, and its application is reportedly first in line for the SEC’s approval.
Interestingly, the price surge was on the back of increased activity from whales, as indicated by on-chain data. The increased activity led to an increased"/>
Recent market dynamics have seen Solana struggling to break above the $200 mark. A notable bearish factor among these market fundamentals is the recent"/>
DOGE, the internet's favorite memecoin, is back in the spotlight. Recent data reveals a surge in futures market activity, coupled with bullish technical"/>
TTy1G5cgA1pk67XLFpFbB81jSfo8G3pgxw
Co-founder of Tornado Cash Roman Storm has filed a motion to dismiss the charges levied against him by the US Department of Justice (DOJ)."/>
On Thursday, March 28, a hack occurred on Prisma Finance, a decentralized lending protocol on the Ethereum network. The exploiter carted away about 3,257.7"/>
Once fully licensed in Dubai, Bybit plans to run a full-scope exchange, offering crypto lending, payments, investment and other services.
Tue, 18 Apr 2023