NFT Rebase Co-founder taken to court by Business Partner
The co-founder of NFT Rebase, a move-to-earn (M2E) NFT platform, has just been taken to court by his apparent partner. The latter is accusing him of going rogue.
Edmond Truong faces a lawsuit from his partner Krzysztof Gagacki
Legal battles await the two co-founders of NFT Rebase, Edmond Truong and Krzysztof Gagacki. Gagacki is accusing Edmon of stealing money from a shared digital wallet and expelling him from the joint venture.
It seems that the two business partners have now turned enemies as Krzysztof Gagacki accuses Edmond Truong of being a thug in a suit. He filed eight different complaints against Edmond Truong. The complaints were all filed on 17 April 2023 in a US District Court in California.
NFT Rebase is a move-to-earn platform that offers investors the possibility to collect, explore, and sell tokens while traveling the world.
Why Gagacki is seeking trial?
In an effort to put away his business partner, Gagacki is demanding a legal jury trial. Gagacki claims this lawsuit is for defamation and trademark infringement. The lawsuit also includes a breach of fiduciary duty and a breach of contract. Note, however, that Gagacki has not been entirely clear about when their relationship deteriorated.
He claims that he was expelled from the joint venture by Edmond Truong. Gagacki added that he held 50% of the company’s funds. All of these funds have disappeared from the joint digital portfolio. This is a sum of two million dollars stolen by Edmond Truong before he ousted Gagacki.
Furthermore, Edmond Truong introduced himself to several people as the sole owner of Rebase. This happened after he had fired Gagacki from the joint venture. In doing so, Truong proclaimed himself to be the decision-maker of NFT Rebase. Gagacki claimed that Truong fired him after things got out of hand. This is justified by the absence of any mention of employment history at Rebase on Gagacki’s LinkedIn account.
Gagacki also mentions in his filing that Truong is making an unauthorized pursuit. Truong’s goal is to issue a Rebase token on Arbitrum’s scaling solution. However, if this token is issued, it may dangerously affect the Rebase business. Indeed, Gagacki explains in its complaints that this may have “serious ramifications for NFT Rebase”.
Truong seizes Twitter accounts
Gagacki owns the trademark rights to another company called IOVO AG. He has a Twitter account related to this company’s NFT collection. Note that this Twitter account was seized by Truong in addition to other accounts. Truong changed the passwords of the various accounts and denied Gagacki access to them. These are the Twitter accounts @REBASEgget and @cybellaxyz.
In addition, Gagacki is working on several potential deals for their company NFT Rebase. According to the charges, Truong interfered with these potential deals. He also discredited Gagacki to his business contacts by making defamatory statements. These allegations have severely impacted Gagacki’s reputation in the business world.
Gagacki was working on a project that involved American celebrity Bella Hadid. This was a contract that was part of the Cy-B3lla NFT project of NFT Rebase. After Bella Hadid learned of the confrontation between the two partners, she refused the collaboration. It should be noted that Gagacki claimed in his complaints that he lost many other contracts.
The world of cryptocurrencies is a world full of legal battles. Currently, the NFT space is being hit by a wave of litigation. On the other hand, copyright issues abound. This leaves investors and traders wondering what kind of NFT projects to invest in without facing litigation.