Coinbase CEO is suing for allegedly “stealing” the work of a blockchain startup on Twittersmash

RJ Pierce, Tech Times December 20, 2021 at 10:12 pm

(Photo: Photo by Matt Winkelmeyer / Getty Images for Vanity Fair) BEVERLY HILLS, CALIFORNIA – OCTOBER 23: Brian Armstrong, Co-Founder and CEO of Coinbase speaks on stage at Tales from the Crypto: What the Currency of the Future Means for You ”at Vanity Fair’s 6th Annual New Establishment Summit at the Wallis Annenberg Center for the Performing Arts on October 23, 2019 in Beverly Hills, California.
TechCrunch Disrupt London 2014 - Day 2(Photo: (Photo by Anthony Harvey / Getty Images for TechCrunch)) LONDON, ENGLAND – OCTOBER 21: Coinbase CEO Brian Armstrong performs on stage at TechCrunch Disrupt Europe / London 2014 at The Old Billingsgate on October 21, 2014 in London . England.

Coinbase CEO Brian Armstrong was sued by a blockchain startup on charges of stealing their work while disguised as an investment.

Brian Armstrong advises against employee activism and offers severance packages for those who wish to quit

(Photo: Photo by Matt Winkelmeyer / Getty Images for Vanity Fair)
BEVERLY HILLS, CALIFORNIA – OCTOBER 23: Brian Armstrong, Co-Founder and CEO of Coinbase, speaks on stage during “Tales from the Crypto: What the Currency of the Future Means for You” at the Vanity Fair’s 6th Annual New Establishment Summit at Wallis Annenberg Center for the Performing Arts on October 23, 2019 in Beverly Hills, California.

CNET reports that the lawsuit was brought by MouseBelt Labs, a company that invested money and labor in Knowledgr. This is similar to the Coinbase CEO’s ResearchHub, which works by rewarding people with tokens, just like Bitcoin does.

The lawsuit states that Armstrong, having learned of Knowledgr’s lead on his own project, offered the head of the former an investment. He also offered to host Knowledgr’s token on his own platform.

When the offer was made, the nameless Knowledgr leader was apparently buried deep in his student loans. Armstrong is accused of “diverting” the project’s assets into his own work, successfully eliminating a rival.

MouseBelt filed the lawsuit in the state of California, specifically San Francisco. You can see the full text of the lawsuit on Scribd.

Coinbase’s CEO or the company itself has not yet commented on the lawsuit, but this isn’t exactly the first time the cryptocurrency tycoon has faced a lawsuit.

Back in September, Armstrong was also sued by the U.S. Securities and Exchange Commission (SEC) over its program that allows crypto investors to earn interest on their assets.

According to The Washington Post, the lawsuit prompted Armstrong to clarify the situation. In a long, 21-part Twitter thread, he revealed that Coinbase’s product has been classified by the SEC as a type of security that must be registered with the US government.

1 / Some really sketchy behaviors came from the SEC recently.
Fairy tale hour …

– Brian Armstrong (@brian_armstrong) September 8, 2021

also read: A Coinbase bug has lately led some people to mistake them for billionaires

Coinbase CEO Brian Armstrong: A brief background

Brian Armstrong is one of the most recognizable names in the cryptocurrency and blockchain space. He is also one of the richest crypto investors in the world.

Armstrong has amassed a vast billion dollar fortune in his ventures. Forbes real-time monitoring data as of Dec. 20 shows his net worth at a cool $ 9.8 billion.

TechCrunch Disrupt London 2014 - Day 2

(Photo: (Photo by Anthony Harvey / Getty Images for TechCrunch))
LONDON, ENGLAND – OCTOBER 21: Coinbase CEO Brian Armstrong appears on stage at TechCrunch Disrupt Europe / London 2014 at The Old Billingsgate on October 21, 2014 in London, England.

That net worth puts him at number 60 on Forbes billionaires list, but in fact, he ranks second on the list of the richest crypto moguls in the world. His nest egg is dwarfed only by that of Sam Bankman-Fried (Founder / CEO of FTX), who is worth $ 22.5 billion, according to CNBC TV18.

A portion of Armstrong’s net worth is tied to its Coinbase shares, which make up 19 percent of the company. While that doesn’t sound like much, keep in mind that the trading platform will have a market cap of $ 63.73 billion in 2021, according to CompaniesMarketCap.

Coinbase Wallet supports multiple types of cryptocurrencies including Bitcoin and Ethereum, Ethereum Classic, Stellar Lumens, USDC, DAI and all ERC20 tokens. They even support the Memecoin Dogecoin.

Armstrong co-founded his company with former forex trader Fred Ehrsam in 2012 after working as a software engineer for AirBnB. Now it’s one of the largest crypto trading exchanges in terms of revenue, disrupted by $ 1.3 billion in revenue last year.

Related article: Top misconceptions about cryptocurrencies exposed

This article is owned by Tech Times

Written by RJ Pierce

Ⓒ 2021 TECHTIMES.com All rights reserved. Do not reproduce without permission.


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