Reported by dlnews, a legal battle is unfolding in San Francisco involving Curve's founder, Michael Egorov, and three prominent crypto venture capital firms: ParaFi, Framework Ventures, and 1kx.
The plaintiffs have accused Egorov of engaging in deceptive practices and misappropriation of trade secrets, leading to significant financial damages. Egorov's defense team argues that the allegations brought against him in the San Francisco court are a tactic employed by the venture capital firms in response to ongoing litigation in Switzerland. They claim that the plaintiffs concocted a false narrative to paint Egorov as a villain who deceived the VC firms into revealing trade secrets and investing $1 million in funds. Egorov's lawyers assert that the allegations are fiction and a desperate attempt to salvage the plaintiffs' failing Swiss litigation.
The venture capital firms allege that Egorov made false statements regarding the deployment of their assets at Swiss Stake GmbH, the company holding Curve's license. They claim that Egorov grew rich through deception by depositing the plaintiffs' funds into Curve's liquidity pool, receiving CRV tokens and fees as a reward for providing liquidity. They also allege that he sold millions of dollars' worth of CRV tokens (which the plaintiffs argue belonged to them).
The three VCs state that they have not received the promised equity in Swiss Stake, their nearly $1 million in funds was never returned, and they never received the tens of millions of dollars' worth of CRV that they claim they were entitled to.
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