Rebase NFT co-founder sues partner for stealing funds

Krzysztof Gagacki, co-founder of the Rebase NFT platform, has launched a $77 million lawsuit against partner Edmond Truong, alleging the theft of $2 million.

Gagacki and Truong signed an agreement for the Non-Fungible Tokens (NFT) Rebase project in October 2021.

And, a year into the deal, Gagacki claims that Truong stole around $2 million worth of funds from a wallet “without his permission.”

Gagacki's lawsuit against Truong.
Krzysztof Gagacki’s lawsuit against his partner was filed in the California Court, United States. Source:

Along with the theft of funds, Gagacki alleges damage to his reputation and has asked for a $77 million reparation.

In addition, Gagacki’s lawyers say they have evidence of messages from WhatsApp in which Truong supports his misconduct.

The lawsuit accuses Truong of:

  • Breach of contract.
  • Breach of fiduciary duty.
  • Conversion.
  • International interference with economic advantage.
  • Defamation.
  • Common Law Trademark Infringement and Unfair Competition.
  • Declaratory relief.
  • unfair competition

Release of rebase option

Gagacki’s lawyer has underlined the urgency and seriousness of the case because they discovered the release of the Rebase token on the Arbitrum platform.

Not to mention Rebase announcedaba recently which will become multi-string with Arbitrum on April 21.

The lawyers claim that the launch of the Rebase token would multiply the valuation of the project. Krzysztof Gagacki would be deprived your share of the winnings.

overrun achieved a valuation of 150 million dollars in an investment round, which closed in April 2022.

damage to reputation

Last year, Rebase released an NFT project, Cy-B3llawith the American model Bella Hadid.

Additionally, the lawsuit claims that Gagacki was discussing future collaboration opportunities with the model.

However, the lawyers wrote that Truong contacted Bella Hadid’s agent and said that:

“Things had ‘got a little out of hand’ at Rebase and that Mr. Gagacki was no longer an ’employee’ of Rebase.”

Later, Bella Hadid rejected a future participation in Overrun.

In addition, the lawsuit alleges that Truong got in touch with Rebase’s investors and claimed to be the sole founder of the company.

In addition, the lawyers also claim that Truong changed the password of Twitter handles @REBASEgg and @cybellaxyz.

The lawyers conclude:

“Gagacki has suffered damages in an amount to be determined at trial, but not less than $77,000,000 USD, which reflects the amount defendant misappropriated from the joint digital wallet, the value of the Rebase app, the value, and the proceeds arising from the Arbitrum Deal, plus accrued interest, costs and attorneys’ fees to the extent permitted by contract or law.”


Disclaimer: In compliance with Trust Project guidelines, BeInCrypto is committed to providing fair and transparent reporting. This news article is intended to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on this content.

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