Curve founder Michael Egorov is the subject of a lawsuit filed by 3 venture capitalists. They accuse him of having resorted to questionable practices, in particular the theft of trade secrets and financial manipulation. The alleged facts date back to 2020, where Egorov allegedly deceived investors by using their influence to promote Curve while making them false promises.
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3 sociétés de capital-risque poursuivent le fondateur de Curve pour manipulation et tromperie
The founder of Curve targeted by a complaint
3 venture capital companies, ParaFi Digital Opportunities, Framework Ventures and 1kxassert that Michael Egorov, the founder of the decentralized finance (DeFi) protocol Curve was allegedly involved in questionable practices, including the appropriation of trade secrets that resulted in financial damage.
The facts that are alleged here against the founder of what is today the first decentralized exchange (DEX) in terms of total locked value date back to 2020. At that time, Michael Egorov allegedly knowingly misled investors using their influence to legitimize and promote Curve while promising them participations that would never have seen the light of day.
Moreover, according to the plaintiffs, the founder of Curve allegedly stole confidential information from them such as their list of professional contacts in the sector, of investors and would have benefited more widely from the investment know-how of the companies concerned to encourage the development of its protocol.
Worse still, it would be exiled in Switzerland while refusing to give the participations previously promised. Finally, according to the plaintiffs, Michael Egorov allegedly kept the staking rewards obtained in the form of CRV in order to enrich himself and retain considerable power within the Decentralized Autonomous Organization (DAO).
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A story more subtle than that?
According to the teams in charge of the defense of the founder of Curve, the plaintiffs’ allegations are the result of a dispute opened in Switzerland 3 years ago, in 2020. Swiss Take, the company of Michael Egorovwould have proposed to the 3 venture capital companies to recover a million dollars at that time, which they would have refused.
“This story of misfortune – which the plaintiffs have never mentioned, one way or another, during the three years of litigation in Switzerland – is a fiction. It is nothing more than a crafty narrative fabricated to save the plaintiffs’ troubled Swiss litigation, but undermined by the documents the plaintiffs themselves cite. »
However, according to them, they should have receive tens of millions of dollars in the form of CRV. A large sum, a priori promised by the founder of Curve in return for financial investments to encourage the development of the protocol.
The parties concerned should express themselves soon in order to clarify the situation. after talking with their respective legal teams.
Curve is the main DEX, with $4.27 billion hosted, ahead of Uniswap which holds $3.67 billion. The price of CRV is currently trading at $0.65, down 14.3% over the past 24 hours.
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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