Mythical Games sues former execs for secretly raising $150m for new startup
Web3-focused gaming unicorn Mythical Games is suing a former executive for raising money for a new startup and stealing investors from it.
Mythical Games filed a lawsuit in Los Angeles County Superior Court on December 23rd. The Web3-focused gaming company claims former executives (Chris Ko, Rudy Koch, Matthew Nutt) breached the terms of their contract.
Until last month, Ko, Koch and Nuttwere were executives at Andreessen Horowitz-backed Mythical Games. Nutt was Chief Operating Officer and Head of Game Studios and Publishers. Ko is senior vice of investment and strategy, where he served as president. Koch was the co-founder of the company.
Mythical Games claims that the trio used the company's platform fraudulently to find investors for the platform, but instead he raised $150 million to fund a new venture, Fenix Games. doing. Fenix Games surfaced just weeks after the trio left. The company claims that former executives used Mythical Games' business plan to persuade UAE-based Cypher Capital. The company is asking the court to award punitive damages and to force the three to repay any ill-gotten gains they made while working for the company.
Mythical Games achieved unicorn status last year after hitting its first $1 billion valuation.
Reference: https://crypto.news/mythical-games-sues-former-execs-for-secretly-raising-150m-for-new-startup/
