The founder of DeFi altcoin Curve Finance is being sued by three leading VC firms for alleged involvement in the ‘abuse of trade secrets’.
VCs sue Curve Finance founder
Legal dispute continues in San Francisco court against Curve Finance founder Michael Egorov. Three VC giants ParaFi, Framework Ventures and 1kx are suing the founder for involvement in deceptive practices.
Allegedly, Michael Egorov was involved in the ‘abuse of trade secrets’. But Egorov’s defense team argues that the allegations are just a scam against the ongoing lawsuit in Switzerland that goes back to 2020.
Egorov’s lawyers make the following defense:
To justify their blatant forum exchanges, the plaintiffs concocted a new and convincing story that portrays Egorov as the villain who tricked three VC firms into giving up their ‘trade secrets’ and $1 million in mutual funds.
Accusations and defenses against the altcoin project
Meanwhile, he alleges that Egorov made false statements about how his assets would be deployed at Swiss Stake GmbH, a company that holds the Curve license.
As promised, it was not used to recruit developers, lawyers and other staff of VC companies, since Erogov did not intend to abandon the company. It is also among the allegations that Egorov sold millions of dollars worth of CRVs. Plaintiffs claim that these tokens belong to them.
The VCs claimed that they did not receive the equity pledged in Swiss Stake, that nearly $1 million of their funds were never returned, and that they never received the tens of millions of dollars worth of CRV they claimed to be entitled to.
3 VC’s allegations regarding Curve’s lost business opportunities with competitors are pending trial. Michael Egorov will comment after meeting with his lawyers. VC lawyers will reportedly comment later.
accusations
Venture capitalists claim they have been deprived of tens of millions of dollars’ worth of CRV tokens. They also claimed to have invested approximately $1 million in Curve Finance with no returns. The case is getting a lot of attention on social media. Attention is drawn to the allegations against Egorov and the possible consequences for Curve Finance.
According to VCs, they have signed deals with Egorov and Curve Finance with the understanding that they will receive an equity stake. But the lawsuit argues that Egorov did not fulfill his promises and deprived the VCs of legitimate property interests.
The most important point of contention revolves around the CRV. VCs claim to be entitled to millions of dollars worth of CRVs from Curve Finance. However, Egorov deliberately withheld these tokens from them. The companies are now the plaintiffs on the grounds that it deprived them of their rightful share. Michael Egorov or Curve Finance did not give an official response to the case. cryptocoin.comAs you can follow, the Curve case comes at the same time as Binance and Coinbase cases are on the agenda.
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