Author : Zack
Date : Jan 03,2023
The three former workers named in the case are co-founder Rudy Koch, senior vice president Chris Ko, and chief operating officer Matt Nutt
Mythical Games, a leader in blockchain gaming and the company behind the wildly popular game Blankos Block Party, is suing three of their most senior ex-employees. The controversy surrounding the lawsuit claims that while still employed at Mythical Games, the three executives raised $150 million to launch their own firm. Mythical Games has filed a lawsuit against the game company Fenix Games, which is run by the three ex-employees.
What Is the Lawsuit Regarding Mythical Games About?
The three former workers named in the case are co-founder Rudy Koch, senior vice president Chris Ko, and chief operating officer Matt Nutt. The three executives, according to the corporation, were in charge of creating "Mythical Ventures," the new frontier. This brand-new side project was created to assist Mythical Games in enabling independent creators to release blockchain video games. According to the company, this project's development got underway in late 2021 with a $4 million budget. Koch, Ko, and Nutt, the three executives, led Mythical Ventures.
Ko allegedly gave a presentation to the Mythical board of directors in April 2022 after that. The presentation includes information about the fund's strategic business plan, investing philosophy, focus industries, and prior investments. The lawsuit further claims that during the four visits the ex-employees went to Dubai to raise money, the trio negotiated their own contract to launch their most recent business, Fenix Capital. All three executives abruptly left Mythical in November 2022, one after the other. Coincidentally, about the same moment, Fenix Games' announcement went live. During this time, Fenix Games also disclosed that Dubai-based Cypher Capital had made a sizeable investment in the company. A $150 million investment from Cypher Capital, a business that Mythical Games' complaint claims, was made public by Fenix Games.
Filed Court Cases
Then, Mythical Games proceeded to launch court cases against their former workers. The 10 counts of allegations against the three members include fraud, betrayal of trust, and violation of contract. Some of the questionable transactions allegedly took place while they were working for the business. The lawsuit further claims that each of the three defendants used the Mythicals network to raise capital for their own projects. The case also asks for the return of the stolen goods, a prohibition against their use, as well as compensatory and punitive damages.
"I can state that we have a significant commitment to safeguarding both our corporate assets and intellectual property. According to Nate Nesbitt, Head of Communications at Mythical Games, "In this case, it was vital to take these steps to address this situation and safeguard the company's corporate interest, as is our duty to our employees and investors.
Concerning Mythical Games
Located in Los Angeles, Mythical Games is a blockchain gaming startup. To bring in a new generation of players, the company works both within and outside the current technological framework. Its core values revolve around player engagement, new economies, digital ownership, and verifiable scarcity. NFL Rivals and Blankos Block Party are two of its most popular games, and two more are on the horizon.