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A complaint filed in San Francisco alleges Egorov defrauded ParaFi Capital, Framework Ventures and 1kx.
Michael Egorov, the CEO of decentralized finance (DeFi) firm Curve Finance, is being sued for fraud by venture capital firms ParaFi Capital, Framework Ventures and 1kx in the U.S.
A complaint filed in the Superior Court of California, San Francisco, alleges Egorov misappropriated trade secrets of the three VC firms, and defrauded the firms out of close to $1 million in funds while dangling the false promise of a possible stake in Curve to gain the investors’ trust and support.
The lawsuit, filed in April, also alleges that Egorov moved to Switzerland to insulate himself from the inevitable legal fallout. The three firms have been pursuing a breach-of-contract case in Switzerland against Egorov and his company Swiss Stake since 2020.
Curve Finance, a decentralized exchange built on the Ethereum blockchain, ranks among the biggest DeFi trading platforms, with some $4.07 billion in total locked value, according to DeFi Llama. Curve operates in the form of a decentralized autonomous organization (DAO), controlled by the CRV token, which can be bought or earned by contributing to Curve’s liquidity pools.
Beginning in early 2020, Framework Ventures, ParaFi Capital and 1kx claim that Egorov “engaged in a brazen, multi-faceted scheme to defraud” them over a six-month period, according to the complaint. The VCs also allege Egorov “misappropriated” the firms’ “trade secrets,” including “information that proved to be critical to the development of Curve, such as key industry contacts, potential investors, and knowledge of how to manage an investment round – all while falsely promising that Plaintiffs would benefit from the fruits of their labor, not just Egorov.”
The VC’s also claim Egorov offered to sell shares of Swiss Stake to Plaintiffs for close to $1 million (alleging that a combined $925,233.54 worth of USDC was sent to a wallet specified by Egorov), but had no intention of transferring shares of Swiss Stake to the firms.
Egorov’s lawyers said in May 22 filing that the allegations of fraud derive from the termination of a contract between the VCs and Swiss Stake, and that the “trade secrets” in question were really the names of widely known investors. Egorov’s side also claims Swiss Stake promptly offered to return the roughly $1 million of invested funds.
“To justify their blatant forum shopping, Plaintiffs concocted a new and compelling story painting Egorov as an evil villain who duped three naïve VC firms into giving up ‘trade secrets,’” according to a May 22 filing by Egorov’s lawyers. The case against Egorov amounts to “nothing more than a clever narrative,” his attorneys said.
Law firm Latham & Watkins, representing the three VC firms provided CoinDesk with a statement via email: “It is regrettable this has reached the point of litigation, but we strongly believe the facts are on our side. In that respect, the complaint speaks for itself. Our clients are resolved to seek full accountability of Michael Egorov for his behavior.”
Egorov’s lawyers, DLA Piper, had not responded to an emailed request for comment by press time.
Traders said market makers are holding options with a $1,800 strike price and are likely to influence prices as they try to keep their portfolios direction-neutral.
Ether (ETH), the second largest cryptocurrency by market value, has been largely locked in a narrow price range around $1,800 since mid-May and is unlikely to move much in the short term, market makers’ positions in the options market indicate.
That’s because the market makers, the dealers tasked with providing liquidity to an exchange’s order book and who are always on the opposite side of investors’ bets, are forced to hedge their options exposure through offsetting positions in the spot or futures market in order to run a market-neutral, or delta-neutral, portfolio. Their so-called delta hedging actions as the underlying asset moves can influence the spot market price and are known to arrest price swings.
According to Jeff Anderson, a senior trader at STS Digital, market makers are currently stuffed with what’s known as long gamma positions in the $1,800 strike price ether options due to expire on June 30. Market makers are said to be long gamma at a particular price level when they have bought options at that level.
“So, as we go higher, market makers will likely sell ETH. On the flip side, market makers would buy the cryptocurrency on price dips,” Anderson told CoinDesk. “So, the spot price could stay close to $1,800.”
Options are contracts that give the purchaser the right, but not the obligation, to trade the underlying asset at a predetermined price on or before a specific date. A call option gives the right to buy while put the put option offers the right to sell. Being long gamma means holding a buy position in call or put options.
The long gamma positioning forces market makers to snap up the underlying asset when the price falls below the said level to keep the overall portfolio market-neutral. Similarly, they sell the asset when the price rallies. Gamma refers to the rate of change in options delta per one-point move in the underlying asset.
Griffin Ardern, a volatility trader from crypto asset management firm Blofin, said the delta hedging by market makers could strongly influence the spot price.
“Considering the lack of enthusiasm among futures and perpetual futures traders right now, the impact of market maker hedging could be significant,” Ardern said.
One of the individuals also operated BTC-e, the DOJ alleged.
The U.S. Department of Justice charged Russian nationals Alexey Bilyuchenko and Aleksandr Verner with hacking Mt. Gox in 2011, at the time one of the biggest thefts in the crypto industry.
The two “gained unauthorized access” to Mt. Gox’s wallets around September 2011, the DOJ said in a press release Friday announcing the unsealing of a 2019 indictment, stealing 647,000 over the course of nearly three years. These funds were then laundered.
The DOJ alleged that Bilyuchenko was also an operator of defunct crypto exchange BTC-e, alongside Alexander Vinnick who was previously charged with operating BTC-e.
Both face charges of conspiracy to commit money laundering, while Bilyuchenko also faces a charge of operating an unlicensed money services business. The DOJ’s Southern District of New York and Northern District of California offices both brought cases tied to the Mt. Gox hack.
In a statement, DOJ Assistant Attorney Kenneth Polite said, “This announcement marks an important milestone in two major cryptocurrency investigations. As alleged in the indictments, starting in 2011, Bilyuchenko and Verner stole a massive amount of cryptocurrency from Mt. Gox, contributing to the exchange’s ultimate insolvency. Armed with the ill-gotten gains from Mt. Gox, Bilyuchenko allegedly went on to help set up the notorious BTC-e virtual currency exchange, which laundered funds for cyber criminals worldwide. These indictments highlight the department’s unwavering commitment to bring to justice bad actors in the cryptocurrency ecosystem and prevent the abuse of the financial system.”
In his blog post, Buterin says the network needs to address these components simultaneously; otherwise the blockchain could fail.
Ethereum co-founder Vitalik Buterin laid out a new roadmap for the network to follow over the next few years, arguing that the world’s second-biggest blockchain should push forward on key goals of layer 2 scaling, wallet security and privacy in a coordinated fashion.
In a blog post titled “the Three Transitions,” Buterin wrote that the technical transitions need to be addressed simultaneously, to maintain key components of the protocol while providing a “global and permissionless experience to average users.”
“These three transitions are crucial,” Buterin wrote in the blog post. “But they are also challenging because of the intense coordination involved to properly resolve them.”
Layer 2 scaling
The first component, layer 2 scaling, is crucial as Buterin argues that if Ethereum fails on this front, “every product aiming for the mass market inevitably forgets about the chain and adopts centralized workarounds for everything.”
Ethereum has seen massive growth over the past few months in terms of the number of layer 2 networks, with ZK rollups released by Polygon and Matter Labs.
Ethereum is set later this year to undergo a major upgrade known as Dencun thatwill include a technical feature known as proto-danksharding, aiming to help make rollups cheaper.
Crypto wallet security
The second component, wallet security, which involves moving all users wallets over to smart contract wallets, Buterin argues is needed so that users are comfortable with storing their cryptocurrency payments and data on-chain, otherwise they move over to centralized entities.
Privacy
Buterin also suggests that the final component, privacy, is crucial otherwise “Ethereum fails,” as users will have all their on-chain activity visible to the public.
“It’s not just features of the protocol that need to improve; in some cases, the way that we interact with Ethereum needs to change pretty fundamentally, requiring deep changes from applications and wallets,” Buterin writes.
Read more: Ethereum’s Buterin Proposes ‘Stealth Addresses’ to Enhance Privacy Protections
