Citadel Securities Sues Former Employees for Allegedly Stealing Trade Secrets to Start Cryptocurrency Firm
05/17 20:06
Citadel Securities is taking legal action against two former employees who left to establish a cryptocurrency market-making firm, alleging that they raised capital and created Portofino Technologies while still employed by Citadel and with access to proprietary information. The company is seeking a trial to determine the extent of monetary damages and potential restitution. Citadel Securities claims that the former employees engaged in a scheme to steal trade secrets, lied to colleagues, and poached employees. Portofino Technologies is a crypto-native technology start-up with 35+ employees across five global locations that deploys its proprietary market-making technology to trade on centralized, decentralized, and OTC digital asset markets and provides token services and investments to Web3 companies.
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