The co-founder of the nonfungible token undertaking Rebase is going through a lawsuit from his obvious enterprise accomplice, accusing him of going “rogue” by stealing $2 million from a joint crypto pockets and ousting an obvious co-founder out of the agency.
An April 17 submitting in a United States District Courtroom in California from Krzysztof Gagacki, who says they’re the co-founder of Rebase, made eight separate complaints in opposition to the agency’s different co-founder, Edmond Truong.
Gagacki is demanding a jury trial for breach of contract, breach of fiduciary responsibility, defamation and trademark infringement.
Whereas it’s unclear precisely when the skilled relationship between the 2 deteriorated, Gagacki alleged that Truong breached a partnership contract on Oct. 27. 2022, by misappropriating $2 million right into a separate pockets owned and managed by Truong with out his consent.
Gagacki claims to personal a 50% share of the funds and says Truong refuses to supply him with the personal keys to the digital pockets.
Krzysztof Gagacki, co-creator of https://t.co/oBDvtTLDqk and the “Cy-B3lla” Bella Hadid NFT undertaking, sued his co-founder immediately for allegedly stealing $2,000,000 and “going rogue.” pic.twitter.com/I3DTFR6ZhM
— Rob Freund (@RobertFreundLaw) April 18, 2023
Within the submitting, he claims Troung “ousted” him from the enterprise by presenting himself to 3rd events because the “sole proprietor” and “choice maker” for Rebase.
Gagacki additional alleges that Troung is stating Gagacki is now not “employed” on the agency after issues had “gotten a bit out of hand.” A LinkedIn account owned by Gagacki doesn’t checklist an employment historical past at Rebase.
Truong additionally allegedly “deliberately interfered” with a number of potential offers that Gagacki had been engaged on for the agency along with making a number of defamatory statements to the agency’s enterprise contacts about Gagacki.
Gagacki claims these statements have had a “disastrous impact” on his status.
One of many offers concerned American superstar Bella Hadid, who featured within the agency’s Cy-B3lla NFT undertaking however then refused additional collaboration after it was made obvious to her that the 2 enterprise companions clashed heads, the submitting claimed.
Truong additionally allegedly seized a Twitter account referring to Hadid’s NFT assortment, which Gagacki claims to have the trademark rights for together with his different firm, IOVO AG:
“[Truong] has additionally commandeered the @REBASEgg and @cybellaxyz Twitter accounts. Particularly, [Truong] has modified the password for these accounts and is actively denying Mr. Gagacki entry.”
One other declare talked about by Gagacki was Truong’s unauthorized pursuit to difficulty a Rebase token on the Ethereum layer 2 scaling answer Arbirtrum.
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If a token is issued, there might have critical ramifications for Rebase, the submitting defined:
“If a Rebase app token is listed on any main cryptocurrency alternate, the market worth of the tokens, which can be minted on the Arbitrum community and provided to the general public, might attain many occasions over the Rebase app’s final spherical valuation of $150,000,000.”
In response to the agency’s Twitter account, Rebase is about to combine on Arbitrum on April 21:
Save the Date ⏲️
April twenty first, 2023. Rebase is coming to Arbitrum! #RebaseonARB
The First AR Journey and M2E App on $ARB pic.twitter.com/9QsMBsAlfe
— Rebase (@REBASEgg) April 11, 2023
The agency’s $150 million valuation has come on the again of enterprise capital funding from Animoca Capital, Anti Fund Funding Fund, LLC, DeFiance Capital and the now-bankrupt Three Arrows Capital.
Cointelegraph contacted Gagacki, Truong and Rebase however didn’t obtain a direct response.
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