- A meaningful business associate of Rebase co-founder Edmond Truong alleges he was fired.
- Truong is said to have appropriated a joint wallet worth $2 million.
The co-founder of the nonfungible token (NFT) project Rebase is being investigated for fraud by his business partners.
Krzysztof Gagacki, who claims to be the co-founder of Rebase, filed eight different cases against the firm’s other co-founder Edmond Truong in a United States District Court in California on April 17.
Gagacki accused Truong of going “rogue” by taking $2 million from a common cryptocurrency wallet and evicting him from the company. He is suing for breach of contract, violation of fiduciary responsibility, defamation, and trademark infringement in a jury trial.
In the petition, he alleges Troung evicted him from the company by portraying himself to other parties as Rebase’s sole owner and decision-maker.
Gagacki also claims that Tran is employable. Gagacki is no longer “employed” at the company because things got a little out of hand. Gagacki’s LinkedIn profile does not include a work history at Rebase.
Although it is unclear when the two’s working relationship soured, Gagacki claims to hold 50% of the assets and alleges Truong refuses to provide him the secret keys to the digital wallet. On October 27, 2022, Truong took possession of a different wallet without his permission.
Truong is also accused of actively interfering with many possible agreements that Gagacki was working on for the company, as well as making multiple derogatory remarks about Gagacki to the firm’s business contacts.
According to the lawsuit, one of the transactions included American star Bella Hadid, who appeared in the firm’s Cy-B3lla NFT project but later denied future involvement when it became clear that the two business partners clashed heads.
Gagacki also cited Truong’s unapproved pursuit of issuing a Rebase token using the Ethereum layer 2 Arbirtrum.
Rebase is a loot-gathering program that encourages players to travel the globe in search of digital collectible items. Animoca Capital, Anti Fund Investment Fund, LLC, DeFiance Capital, and the now-bankrupt Three Arrows Capital contributed to the firm’s $150 million value.
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