Mr. Wenqing Liu, a former CEO at EtherDEG, had filed for a default judgment against the cryptocurrency exchange after the exchange took too long to respond to his case against the exchange.
EtherDEG is headquartered in the British Virgin Islands. It had appointed Mr. Liu as its CEO in December 2017 and later allowed him an unspecified amount of commission from the company’s ICO which was done in February 2018. However, things did not work out well for Liu and he was dismissed shortly after the ICO.
The plaintiff, filed a suit on 30th April 2018, months after he was dismissed from the company under unclear allegations. And until now, the case is yet to receive any feedback from the defendant, the exchange. That is why Liu decided to file for a default judgment, in a bid to try and compel the defendant to make a response.
Amount Liu was asking for in the default judgment!
Mr. Liu had requested the court to grant him $10 million after the defendant, EtherDEG, has taken too long to respond to his case against them.
But why the $10 million?
$10 million is quite a huge amount and could seem outrageous. But Wenqing argues that he has lost $10 million.
Earlier on, the plaintiff had requested the court to allow him to store the cryptocurrencies in question in the court’s registry as they await the court’s verdict on the rightful owner of the cryptocurrencies. The cryptocurrencies in question are valued at about $2.2 million.
There are questions as to whether the court is in a position to hold any crypto in its registry. But in response, the court said it had no opinion as to whether Liu’s request was possible at the moment.
Response on the default judgment!
Unfortunately, the court did not grant Liu’s request and instead asked him to come up with a more elaborate statement on how his contract was breached and also how he ended up losing $10 million and his salary was only $125,000 a year and he had not worked with the company for even a year.