- Mikhail Egorov is accused of cheating and using trade secrets
- He was previously involved in another high-profile scandal
The venture capital firms ParaFi, Framework Ventures and 1kx are suing Curve founder Mikhail Egorov. He is accused of cheating and using trade secrets, which led to financial losses.
According to the complaint, Mikhail Yegorov, while working at NuCypher, came up with the idea for the startup Curve. To scale the business, he needed venture capital investment. So the man presented his ideas to three companies – ParaFi, Framework Ventures and 1kx. They now claim that Egorov made false promises that the venture assets would be held at Stake GmbH in Switzerland (the company that owns the Curve platform license). This money will allegedly be used to expand the team, develop and decentralize the project.
The witnesses assure that Mikhail Yegorov retained control over Curve, although he initially promised to transfer power to the Curve DAO community.. He sold some CRV tokens to make profits, but retained full control.
The plaintiffs also allege that the CRV tokens that Egorov sold for millions of dollars were in fact owned by these venture capital funds. They still have not received their assets, which are allegedly held at Stake GmbH in Switzerland.
Egorov himself replied that he would give a comment after consulting with lawyers. Note that recently Mikhail Yegorov and his wife Anna Yegorova were the subject of scandalous news. They spent $41 million to buy a luxury mansion in Melbourne.