Rebase Lawsuit: Co-Founders Battle for $77 million

Krzysztof Gagacki, co-founder of NFT platform Rebase, has launched a $77 million lawsuit against partner Edmund Trong, alleging $2 million theft..

Gagacki and Truong entered into an agreement for a non-fungible token (NFT) Rebase project in October 2021. One year into the agreement, Gagacki alleged that Truong stole funds worth about $2 million from a shared wallet without his permission.

Besides the theft of money, Gagacki claims damages to his reputation and has requested a $77 million forgiveness. In addition, Gagacki’s lawyers claim to have evidence of WhatsApp messages where Truong admits his misconduct.

The lawsuit accuses Trong of:

  1. Breach of contract
  2. Breach of the duty of trust
  3. transformation
  4. International intervention with economic advantage
  5. libel
  6. Common law trademark infringement and unfair competition
  7. declarative relief
  8. Unfair competition

Gagacki’s lawyer emphasized the urgency and seriousness of the case as they discovered the launch of Rebase token on the Arbitrum platform. Not to mention Rebase recently announce It will become multi-series with Arbitrum on April 21st.

Lawyers claim that releasing Rebase code will double the project’s valuation. Krzysztof Gagacki will be deprived of his share of the profit. Ribas achieved a $150 million valuation in an investment round, which closed in April 2022.

Damage to reputation

Last year, Rebase launched an NFT project, Cy-B3lla, featuring American model Bella Hadid. Additionally, the lawsuit claims that Gajaki was discussing future collaboration opportunities with the model.

But the lawyers wrote that Truong contacted Bella Hadid’s agent, saying, “Things have gotten a little out of control” at Repassie and that Mr. Jagaki is no longer an “employee” of Repassie.

Later, Bella Hadid refused a future engagement with Rebase.

Furthermore, the lawsuit alleges that Truong contacted Rebase investors and claimed that he was the sole founder of the company. Moreover, the lawyers also claim that Truong has changed the password for the Twitter handles REBASEgg and @cybellaxyz.

The lawyers conclude:

“Gagacki suffered damages in an amount to be determined at trial, but not less than $77,000,000 USD, reflecting the amount the defendant misappropriated from the shared digital wallet, the value of the Rebase application, the value and any earnings derived from the Arbitrum Deal, plus interest. accumulated costs and attorneys’ fees to the extent permitted by contract or law.”

source: Court filing

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