Mythical sues 3 former execs for stealing investment for their own fund

Mythical has filed a suit against 3 erstwhile executives, alleging that they stole a strategical concern program to rise wealth for themselves portion inactive connected Mythical’s payroll.

Mythical sued Fenix Games and its cofounders Rudy Koch, Matthew Nutt, and Chris Ko — each erstwhile employees of Mythical. I’ve reached retired to get a effect from Fenix.

The suit says Mythical’s co-founder and erstwhile apical enforcement Rudy Koch, main operating serviceman Matthew Nutt, and elder vice president for firm strategy and improvement Chris Ko were enactment successful complaint of processing and raising superior for the caller fund, Mythical Ventures, which would assistance idiosyncratic developers bring blockchain games to market.

Mythical said successful the suit it began processing plans for Mythical Ventures successful 2021. It contributed $4 cardinal for the money and enactment Koch, Nutt and Ko — each members of the elder enforcement squad — successful complaint of its development.

In April 2022, Ko allegedly made a presumption to the Mythical committee of directors detailing the fund’s strategical concern plan, concern thesis, people gaming sectors and archetypal pipeline of deals.

Mythical past sent the executives to Dubai 4 times successful 2022 to rise superior from concern firms funny successful blockchain technologies. One of Mythical’s investors introduced Koch, Ko and Nutt to Cypher Capital, a Dubai concern steadfast specializing successful blockchain strategies.

But instead, the suit alleges the defendants utilized Mythical’s connections and concern program to secretly steer capitalist wealth to themselves and acceptable up their ain copycat firm, called Fenix Games, which they announced wrong weeks of abruptly quitting Mythical successful November of this year.

The strategy came to airy aft the 3 abruptly resigned successful November and, a fewer weeks later, announced that their caller firm, Fenix Games, had raised $150 cardinal — with Cypher Capital, whom Mythical enactment them unneurotic with, arsenic the main investor, the suit said.

The suit lists 10 causes of enactment against Koch, Ko and Nutt for fraud, breach of contract, breach of fiduciary duty, constructive trust, intentional interference with contract, and intentional interference with prospective economical relations; and it seeks betterment of the stolen property, an injunction against its use, and compensatory and punitive damages.

“I can’t connection immoderate remark connected the details of the ongoing litigation,” said Nate Nesbitt, caput of communications astatine Mythical, successful a statement. “I tin accidental that we judge precise powerfully successful the extortion of our intelligence spot and firm assets. In this instance, it was indispensable to instrumentality these steps to rectify this concern and support the company’s firm interest, arsenic is our work to our employees and investors.”

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