Emin Gün Sirer talked about Ava Labs’ connection with Kyle Roche in his statement last night. However, the documents reveal that Ava Labs has developed a legal platform for Avalanche (AVAX) with Roche.
The mystery of Ava Labs and Kyle Roche partnership
The findings reveal that Roche advertised an “Initial Litigation Offering” platform developed in partnership with Ava Labs, by launching the project, called Ryval, to customers in February 2022. Ryval was designed to tokenize cases. It also allowed investors to buy a share as a result of a lawsuit.
According to the findings, the company sought a $6 million raise at a post-money valuation of $100 million. At the same time, he set up plans to work with Ava Labs engineers on an ad hoc basis until they could assemble a full team. In an email that appeared, Roche presented Avalanche’s subnet technology separately to the investor.
Ava Labs previously announced in December 2020 that it is collaborating with Roche Freedman and Republic Advisory Services, promoting the concept of the “Initial Case Proposal” on its Medium blog and Twitter account. He directed readers to Ryval’s website for more information.
This came in the middle of a tumultuous few days for Ava Labs and Roche. On August 26, crypto “whistleblower” Crypto Leaks published a lengthy statement alleging that Ava Labs paid Freedman Roche a stake in his company and Avalanche’s AVAX token allocation to sue competitors and fend off regulators. A series of classified videos showed Roche bragging about its close ties to Ava Labs and the compensation it received for supporting the firm in a legal capacity. “The lawsuit hasn’t been filed yet, and there’s a reason for that…I’m interested in making sure the SEC and CFTC have other magnets to go after,” Roche says in the video.
Kyle Roche said he got drunk
After the report came to light, Roche issued a statement claiming that the videos were “highly edited and added out of context.” He said the parties that attracted him were engaged in “a deliberate plan to intoxicate and then exploit”. He claimed to have interviewed Christen Ager-Hanssen, who he said was paid for by Dfinity founder Dominic Williams. Ager-Hanssen denied the allegations, saying he didn’t know about the Crypto Leaks report, Dfinity or the ICP project until Roche released its statement.
AVAX CEO defines relationship with Roche
Emin Gün Sirer, founder and CEO of Ava Labs, later released his own official statement denying any improper relationship between the two firms. He categorically denied that Roche or his firm acted on Ava Labs’ knowledge or direction.
Gün Sirer’s 500-word statement neglected to mention Ryval, claiming that Ryval was the victim of “personal attacks and false lies.” Ava Labs representatives have yet to comment on Ryval. Ryval was first conceptualized in 2020. However, the Twitter account states that it will be released in 2022. Besides Roche himself, Avalanche’s 1,811 followers include Gün Sirer and Ava Labs COO Kevin Sekniqi.
An anonymous source who shared the sales pitch said he had no doubts that Roche was getting compensation in Ava Labs stock and AVAX tokens in exchange for legal services. They described the couple’s efforts to downplay their relationship as “nonsense” and estimated that Roche made about $200 million from the deal, selling some of it to buy properties in New York City and other locations in the United States.
Questions on the couple’s real relationship
Cryptocoin.com Ava Labs was on the defensive as the Crypto Leaks report, which we quoted as circulating in the crypto community over the weekend, was on the defensive. Emin Gün Sirer initially wrote this as “conspiracy theory bullshit”. Meanwhile, Sekniqi said the article was “maximum mega-giga-level stupidity written by some ICP conspiracy sites.” However, both the Ava Labs team and Roche have been careful not to mention any token or stock regulation.
Whether or not the Crypto Leaks report comes from a trusted source, Roche confirmed his appearance in the videos and made statements about his relationship with Ava Labs, accusing his comments of drunkenness and deception. The Ryval development sheds light on Ava Labs’ relationship with Roche and attempts to hide their close contact with each other. When scrutinized today, they chose not to disclose any details about Ryval or Roche’s AVAX and equity compensation. Naturally, this raises the question of whether Ava Labs and Roche are covering up something else.
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