POLICIES • April 20, 2023 at 1:31 PM EDT
The co-founder of the startup behind last year’s Bella Hadid-themed NFT collection has sued his business partner for $77 million, accusing him of stealing millions of dollars in crypto and controlling the company. There is
Online co-founder Krzysztof Gagacki nft game rebaseclaimed that Edmond Truong stole about $2 million in cryptocurrency in October, according to a 22-page document filed in a U.S. court this week. Truong reportedly ousted his Gagaki from the company’s operations, and without the co-founder’s knowledge, he began negotiations for his Rebase’s planned token offering on the Arbitrum blockchain.
Truong has “discarded Mr. Gagaki from the joint venture and now positions him as the sole owner of Rebase App and a decision maker over third parties,” the file claims.
Gagaki estimates the value of the rebase at over $150 million and is seeking at least $77 million in damages and interest.
In an email sent to his support address, Rebase said, “This news is untrue and contains misinformation circulating in the market.” It was not clear who responded to requests for comment. When asked what parts of the legal document were untrue, Rebus did not immediately respond.
Truong did not respond to a LinkedIn message requesting comment.
Co-founder rivalry is the latest example of a young industry led by young executives with little professional experience, with conflicting opinions. President Brett Harrison resigned last year as a result of a “protracted disagreement” with CEO Sam Bankman-Fried.
Bella Hadid NFT Project
Hadid unveiled a collection of 11,111 NFTs last year. Known as CY-B3LLA, the collection featured artwork based on his 3D scans of the faces and bodies of American supermodels.The project seems to be inactive now, its website URL is dead and its twitter account Not used since October
According to court filings this week, Hadid received about $1.5 million for his involvement in the project.
Case number 2:23-cv-02876 is pending in the United States District Court for the Central District of California.
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