Key Points:
The plaintiffs allege that three companies invested $1 million in Curve in 2020, after which Egorov deposited the investment in Curve’s liquidity pool, and that the three companies neither received CRV tokens nor refunded.
According to the lawsuit, defendant Egorov needed the legitimacy provided by a California DeFi venture fund when launching and raising money for the Curve project. At that time, the defendant made false statements about how his assets were deployed at Swiss Stake GmbH, a Curve license holder, and promised to use the investment money to hire developers, attorneys, and other staff.
But defendant Egorov had no intention of relinquishing control of Curve, locking up more CRVs than expected, and not delegating rights to the Curve DAO, but sold enough CRV tokens to generate a profit while maintaining share control, depositing plaintiff funds into its liquidity pool for a profit, and selling millions of dollars worth of CRV tokens (the plaintiffs argued that these tokens belonged to them).
The plaintiffs allege that they did not receive the promised Swiss Stake, that their nearly $1 million funds were never returned, and that they never received the tens of millions of dollars worth of CRVs they were claimed to be entitled. The plaintiffs also allege that while Egorov defrauded them, they lost business opportunities with Curve’s competitors.
“Plaintiffs, each of whom were users of the Curve platform, decided to invest in Swiss Stake because they saw a unique and potentially profitable opportunity to help develop a highly successful automated market-maker,”
The lawsuit filed by the VCs said.
Defendant Egorov’s defense team argued that the charges brought by the three companies in the San Francisco court resulted from their ongoing lawsuit filed in Switzerland in 2020.
“To justify their blatant forum shopping, Plaintiffs concocted a new and compelling story painting Egorov as an evil villain who duped three naïve VC firms into giving up ‘trade secrets’ (such as the names of widely known investors) and $1 million in investments funds (that Swiss Stake promptly offered to return),”
Egorov’s lawyers say in the litigation, filed last month.
Egorov said he would comment after discussing it with the lawyers.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Foxy
Coincu News
Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…
Over the years, meme coins have evolved from inside jokes into serious investment opportunities.
Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…
Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…
Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…
BTFD Coin is offering a chance to relive the glory days of meme coin investing,…
This website uses cookies.