Rebase Co-founder Accused of Embezzlement

04/19/2023 06:33 • AI Insights • 70 views

According to reports, Rebase’s co founder Gagack claimed that Truong violated a cooperation contract on October 27, 2022. Without his consent, he embezzled $2 million into an independent wallet owned and controlled by Truong. Gagacki claims to have a 50% share of the funds and claims that Truong refuses to provide him with the private key of the digital wallet.

Rebase co-founder Gagacki accuses partners of violating contracts

In October 27, 2022, Rebase’s co-founder Gagack made a startling claim against Truong, who they accused of violating a cooperation contract. According to Gagack, Truong embezzled $2 million into an independent digital wallet without their consent. Gagack claims to have a 50% share of the funds and alleges that Truong refuses to provide them with the private key of the digital wallet.

Rebase Co-Founder Accuses Truong of Embezzlement

Rebase is a popular cryptocurrency that was launched in 2021. The currency was designed to stabilize its value by using an algorithm to adjust the supply of Rebase coins in circulation. The project was founded by Gagack and Truong, who were equal partners in the venture.
However, on October 27, 2022, Gagack made a sensational claim against Truong, alleging that the latter had embezzled $2 million into an independent digital wallet. Gagack claims to have a 50% share of the funds and that Truong acted without their consent.

Truong is Accused of Violating a Cooperation Contract

In their accusations against Truong, Gagack mentioned a cooperation contract that was allegedly violated when Truong embezzled the funds. The details of the contract were not disclosed, but it is clear that Gagack believes that their former partner acted in bad faith.
Truong has not responded to these accusations, and it is unclear what their position is on the matter. The allegations have caused concern among Rebase investors who are keen to see the situation resolved.

Gagack Claims to be Owed 50% of the Funds

Gagack is claiming that they are owed 50% of the funds embezzled by Truong. This implies that the funds were obtained through joint efforts by the two co-founders and that the money rightfully belongs to both of them.
The dispute has put the future of Rebase in jeopardy. Investors are worried that the conflict between the co-founders will affect the currency’s value and cause irreparable damage to the project.

Truong Refuses to Provide Private Key of Digital Wallet

Gagack also claims that Truong has refused to provide them with the private key of the digital wallet that holds the embezzled funds. This means that Gagack is unable to access their share of the money, and the situation has escalated into a full-blown legal battle.
The case will likely go to court, and the outcome remains uncertain. The allegations and the ensuing conflict have damaged the reputation of both co-founders and the project as a whole.

Conclusion

The accusations made by Gagack against Truong are serious and have thrown the future of Rebase into uncertainty. Investors are watching the situation closely, and the legal battle that is sure to follow will likely have far-reaching consequences.
The allegations also highlight the need for clear and transparent contracts between co-founders to avoid any misunderstandings that could lead to such disputes.

FAQs

Q: What is Rebase?
A: Rebase is a cryptocurrency that was launched in 2021, designed to stabilize its value by adjusting the supply of Rebase coins in circulation.
Q: What is the dispute between Gagack and Truong?
A: Gagack has accused Truong of embezzling $2 million into an independent digital wallet without their consent, breaching a cooperation contract that was in place.
Q: What is the future of Rebase?
A: The conflict between the co-founders has put the future of Rebase in uncertainty, as investors are worried about the impact of the dispute on the currency’s value and overall viability.

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