• Archblock’s co-founder filed a lawsuit alleging he was forced out of his firm.
• The lawsuit also centers on the breach of security laws regarding SAFTs.
• Despite ownership change, Archblock continues to oversee TrueUSD operations.

Daniel Jaiyong, co-founder of Archblock, a prominent stablecoin developer responsible for TrueUSD, filed a lawsuit, accusing his former associates of forcing him out of the company in 2020 for their gains, leaving investors at a loss.

The lawsuit revolves around the events leading up to Jaiyong’s removal from the company he co-founded with Rafael Cosman. The suit reveals that in 2017 and 2019, TrustLabs, an Archblock entity, issued investment contracts called “simple agreements for future tokens” (SAFTs). 

These contracts were intended to raise funds for a tokenization platform’s development. TrustLabs successfully raised $35 million through the SAFTs, releasing TrueUSD and TRU tokens in 2018.

However, the suit claims Cosman began steering the company away from the tokenization platform and into other profit avenues, like the TrueRewards program, later renamed TrueFi. Jaiyong reportedly grew concerned that TrustLabs’ new direction was…

The post TUSD Archblock Ex-CEO Sues Colleagues for Forcing Him Out of Business appeared first on Coin Edition.

• Archblock’s co-founder filed a lawsuit alleging he was forced out of his firm.
• The lawsuit also centers on the breach of security laws regarding SAFTs.
• Despite ownership change, Archblock continues to oversee TrueUSD operations.

Daniel Jaiyong, co-founder of Archblock, a prominent stablecoin developer responsible for TrueUSD, filed a lawsuit, accusing his former associates of forcing him out of the company in 2020 for their gains, leaving investors at a loss.

The lawsuit revolves around the events leading up to Jaiyong’s removal from the company he co-founded with Rafael Cosman. The suit reveals that in 2017 and 2019, TrustLabs, an Archblock entity, issued investment contracts called “simple agreements for future tokens” (SAFTs). 

These contracts were intended to raise funds for a tokenization platform’s development. TrustLabs successfully raised $35 million through the SAFTs, releasing TrueUSD and TRU tokens in 2018.

However, the suit claims Cosman began steering the company away from the tokenization platform and into other profit avenues, like the TrueRewards program, later renamed TrueFi. Jaiyong reportedly grew concerned that TrustLabs’ new direction was…

The post TUSD Archblock Ex-CEO Sues Colleagues for Forcing Him Out of Business appeared first on Coin Edition.