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Civil Plaintiff

BitMex Reached a $44M Settlement with Two of its Former Founders

Cryptocurrency exchange BitMex has been spared another lawsuit in court, having reached a monetary settlement with two of its former founders. Frank Amato and Guido Capone, two of BitMex’s early investors, will receive $ 44 million as part of the deal.

The founders started legal proceedings against the exchange to recover the capital they had invested five years ago. At that time Arthur Hayes – former CEO of BitMex – was looking to capture Frank Amato’s investment, sources close to the case say. Later, this investor allied himself with Elfio Guido Capone; both accused the BitMex management of giving them misleading information and of not allowing them to generate profits with the invested capital.

Last year the two investors filed the Lawsuit against BitMex for $ 540 million, about 90 million belonging to the investment and about 450 million of compensation for damages.

Despite the fact that the total sum they were seeking to obtain with this petition exceeded 500 million dollars, both Amato and Guido decided to solve the entire case for just over 40 million dollars. The investors withdrew the lawsuit from the California Superior Court and, according to attorney Pavel Podogin, the entire case will be resolved out of court.

Read the source article at explica.co

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