- Mikhail Egorov is accused of deception and use of trade secrets
- Previously, he got into another high-profile scandal
Venture firms ParaFi, Framework Ventures and 1kx filed to court against the founder of Curve, Mikhail Yegorov. He is accused of deception and use of trade secrets, which led to financial losses.
According to the complaint, Mikhail Egorov, while working at NuCypher, came up with the idea for the startup Curve. To scale the business, he needed venture capital investments. Therefore, the man presented his ideas to three companies – ParaFi, Framework Ventures and 1kx. They now claim that Yegorov made false promises that venture assets would be held at Stake GmbH in Switzerland (which is the company that owns the license for the Curve platform). This money will allegedly be used to expand the team, develop and decentralize the project.
The applicants claim that Mikhail Egorov retained control over Curve, although he initially promised to transfer power to the Curve DAO community. He sold some CRV tokens to make a profit, but retained his full control.
The plaintiffs also allege that the CRV tokens that Yegorov sold for millions of dollars actually belonged to these venture funds. They still have not received their assets, which are allegedly stored in Stake GmbH in Switzerland.
Egorov himself replied that he would comment after consultations with lawyers. Note that recently Mikhail Egorov and his wife Anna Egorova became involved in scandalous news. They spent $41 million to buy a luxury mansion in Melbourne.