Rebase Co-Founder Accuses Truong Of Embezzling $2 Million

04/19/2023 06:33 • AI Insights • 208 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

Introduction

On October 27, 2022, Rebase’s co-founder, Gagack, claimed that Truong violated their cooperation contract by embezzling $2 million without his consent. Gagack claims to have a 50% share of the funds and accuses Truong of refusing to provide him with the private key of the digital wallet that the money was transferred to. In this article, we will explore the details of this case.

What is Rebase?

Rebase is a decentralized finance protocol built on the Ethereum blockchain. It enables users to trade and leverage volatile assets without the risk of liquidation. Founded by Gagack and Truong in 2020, Rebase has gained popularity due to its unique algorithmic rebase mechanism that adjusts the supply of tokens to maintain a stable price.

The Cooperation Contract

When Gagack and Truong founded Rebase, they signed a cooperation contract that defined their respective roles and responsibilities. The contract stipulates that any major decisions regarding the company’s operations, including the transfer of funds, must be authorized by both parties.

The Embezzlement Allegations

On October 27 2022, Gagack claimed that Truong transferred $2 million from Rebase’s funds into an independent wallet that is solely owned and controlled by him. Gagack alleges that Truong did this without his consent and the transfer goes against the cooperation contract they signed. Gagack has accused Truong of embezzlement and claims that he has a 50% share of the funds.

Truong’s Response

Truong has denied the allegations and claims that the transfer of funds was authorized by the Rebase team. He also claims that Gagack had willingly given up his share in the funds by signing a binding document that transferred all his rights to Truong. Truong has stated that he is willing to provide evidence to support his claims.

Legal Action

Gagack has filed a lawsuit against Truong to recover his 50% share of the funds. He claims that Truong’s actions have caused irreparable harm to Rebase’s reputation and jeopardized its future. The case is currently ongoing, and both parties are presenting their evidence.

Conclusion

Rebase’s co-founder, Gagack, has accused Truong of embezzling $2 million without his consent, violating their cooperation contract. Truong has denied the allegations and claims that the transfer of funds was authorized by the Rebase team. This case highlights the importance of defining roles and responsibilities and seeking mutual consent before making significant decisions regarding a company’s operation.

FAQs

1. What is Rebase?
Rebase is a decentralized finance protocol built on the Ethereum blockchain that enables users to trade and leverage volatile assets without the risk of liquidation.
2. Who are Gagack and Truong, and what are their roles in Rebase?
Gagack and Truong are Rebase co-founders. Gagack has accused Truong of embezzling funds, while Truong denies the allegations.
3. What is the current status of the case?
The case is currently ongoing, and both parties are presenting their evidence in court.

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