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Former partner of Stake.com claims he was illegally excluded from the leadership of the betting crypto platform and is demanding $400 million in compensation.
The lawsuit filed by Christopher Freeman against crypto co-founders Ed Craven and Bijan Tehrani alleges that Freeman originally owned about 20% of Stake.com.
After Craven and Tehrani moved to Australia in 2017, Freeman's stake was reduced to 14% within nine months, ostensibly to expand the project and distribute 6% to growing team members. Freeman contends that the share transfer was flawed despite the fact that the trio had an agreement that the company would only grant shares to people who had invested in the business.
At the same time, according to Freeman, who remained in the United States, he repeatedly received verbal confirmation from former partners that he retained a share in the project. However, as it became known later, Freeman was completely excluded from the list of founders and blocked access to any information about the company's activities.
Christopher Freeman filed a civil lawsuit in the Southern District of New York seeking $$400 million in punitive damages and proceeds from the original investment.
Betting crypto platform Stake.com specializes in accepting bets on sports events in cryptoassets. As of 2021, the platform has processed stakes of more than $100 billion, and its own capitalization is close to $1 billion.
Stake.com said in a statement:
"The complaint filed by Chris Freeman contains statements that are self-contradictory, intentionally misleading and provably false."
Stake.com called the lawsuit "a desperate attempt to spread false information in the crypto community," adding that Freeman has no rights to the money.
On the eve of 2022, Australian Treasurer Josh Frydenberg announced that the Australian government will carry out the largest reform of all payment systems in 25 years, which will “bring digital assets out of the shadows.”
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