TL;DR Breakdown
- Former CEO of Bitcoin.com set to sue Bridge.link
- The value of the token has dropped from $0.019 to $0.017
Mate Tokay, the former Chief Executive Officer of Bitcoin.com has decided to take legal actions against a crypto based oracle platform for failing to pay him for his services.
According to Tokay, the Tron-based platform did not pay him 37.5 million BRG tokens which equates to $525,000 for the advisory role he took with the firm.
The co-founder of Bitcoin.com also noted that the project had used his name to attract the public to the project. This played a role in attracting investors to the Bridge.link’s $8 million initial exchange offering. He then added that Sina Estavi, who is the founder of the project, was offering to compensate him with a considerably lesser amount to what was stated in his contract.
Tokay pointed out that this case is not in isolation. He said that other advisors of the project are also battling a similar situation like his.
The ex-CEO also alleges that Bridge investors should be wary of the project as it action depicts that of market manipulation. This, he believes, could leave the investors very susceptible to being defrauded as the actions depicts that of a “classic pump and dump.”
Not only that, Tokay says he has taken the liberty to inform market players like exchanges, aggregator sites and other market participants about the inconsistencies that are ongoing within the project.
BRG token reacts negatively to lawsuit filed by EX Bitcoin.com CEO
After news of the litigation emerged, BRG slumped from $0.019 to $0.017 within the last day. What this means is that investors have started pulling out of the project because of the lawsuit filed by Tokay. It was deduced that most of those dumping the token originated from only one exchange.
However, despite this drop in price, the price of the crypto asset has grown by over 200% in the last one month.
