Layer1 CEO alleges co-founder is using majority power to 'ransack' company

02/07 07:18

According to Cointelegraph, the CEO of crypto miner Layer1 Technologies has filed a lawsuit against the firm’s two other board members — including co-founder Jakov Dolic — for allegedly commandeering Layer1's operations for their own gain. Chief executive John Harney and DGF Investments Inc — a British Virgin Islands-based investment firm — filed the lawsuit against Dolic and fellow board member Tobias Ebel in Delaware’s Chancery Court on Feb. 2. The lawsuit alleges that both Dolic and Ebel used a power vacuum at Layer1’s equity parent Enigma to seize control of the Bitcoin mining company and operate it as their "own personal fiefdom.” Harney and DGF Investments Inc — which owns a majority stake in Enigma — claim the defendants have "usurped the authority" of Layer1's CEO and prevented Harney from "responsibly operating Layer1." One of the accusations made against Dolic and Ebel alleges they executed “large unauthorized transactions” that were not recorded in Layer1’s financial reporting and that they use Layer1’s operations to mine Bitcoin (BTC) and keep the revenue for themselves. The plaintiffs also claimed that Dolic continues to press the false narrative that he owns 77% of Layer1’s equity. In the filing, the plaintiffs argued that Dolic sold all of his Layer1 stock to Enigma for $16 million on Jan. 24, 2022.

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