1. PixelPlaygroundHome
  2. Blockchain Briefs

Rebase co-founder Gagacki accuses partners of violating contracts

• Blockchain Briefs • 100 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 indep

Rebase co-founder Gagacki accuses partners of violating contracts

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

I. Introduction
II. Background Information on Rebase and Its Founders
III. Overview of Rebase Co-founder Gagack’s Claim Against Truong
IV. Gagack’s Claim of Contract Violation by Truong
V. Truong’s Embezzlement of $2 Million Without Gagack’s Consent
VI. Gagack’s Share of the Funds and Claim for Private Key Access
VII. Possible Implications of the Dispute on Rebase and Its Future
VIII. Factors that Led to the Dispute and the Possible Way Forward
IX. Conclusion
X. FAQs
Table 2: Article
# CO-FOUNDER AT REBASE CLAIMS THAT TRUONG VIOLATED COOPERATION CONTRACT
Rebase has been in the news lately for all the wrong reasons, and the latest controversies involve the company’s two co-founders. According to reports, Rebase co-founder Gagack has claimed that Truong violated a cooperation contract by embezzling $2 million into an independent wallet owned and controlled by him without his consent. This article will delve into the details of this case and offer some insights into what led to the dispute and its possible implications.

Introduction

Since its launch in 2019, Rebase has been one of the most talked-about startups within the crypto community. The company aims to create its own decentralized stablecoin, the Rebasing Token (rToken), which would enable real-time changes in the supply and price of the token depending on market demand. However, Rebase has had its fair share of controversies, with some speculating that the project is nothing more than a “pump-and-dump” scheme. In this article, we will discuss the latest scandal involving the founders of the project.

Background Information on Rebase and Its Founders

In 2019, Rebase was founded by two cryptocurrency enthusiasts, Gagack and Truong. The pair had worked together on various crypto projects before setting up Rebase. Truong, who holds a degree in computer science, was in charge of the technical side of the project, while Gagack was responsible for the business operations.

Overview of Rebase Co-founder Gagack’s Claim Against Truong

On October 27, 2022, Gagack claimed that Truong violated a cooperation contract by embezzling $2 million into an independent wallet owned and controlled by him without Gagack’s consent. Gagack claims that he has a 50% share in the funds and is demanding that Truong provides him with the private key of the wallet. However, Truong has denied the allegations and claims that the funds were transferred with Gagack’s knowledge and consent.

Gagack’s Claim of Contract Violation by Truong

According to Gagack, Truong violated a cooperation agreement between the two co-founders that stipulates that all funds raised for the project must be kept in a joint account. Gagack claims that Truong transferred the funds into a separate wallet without his knowledge or consent, which constitutes a violation of the agreement. Gagack is now demanding that Truong provide him with the private key to the wallet holding the funds.

Truong’s Embezzlement of $2 Million Without Gagack’s Consent

Truong, on the other hand, denies the allegations and claims that Gagack was fully aware of the transfer of the funds. According to Truong, the funds were transferred to the independent wallet as part of a strategy to ensure liquidity for the project. Truong argues that he had no intention of defrauding Gagack and that the transfer of funds was done with his consent.

Gagack’s Share of the Funds and Claim for Private Key Access

Gagack claims that he has a 50% share in the funds held in the independent wallet and, as such, is entitled to have access to the private key. However, Truong has refused to provide him with the key, citing concerns about the security of the wallet. The two co-founders are now embroiled in a legal dispute that could have far-reaching implications for the future of the project.

Possible Implications of the Dispute on Rebase and Its Future

The current dispute between the co-founders of Rebase could have serious implications for the project’s future. If the conflict is not resolved amicably, it could lead to a loss of investor confidence, which would ultimately affect the viability of the project. Furthermore, the negative publicity generated by the dispute could make it difficult for the project to attract future investors.

Factors that Led to the Dispute and the Possible Way Forward

The current dispute between Truong and Gagack highlights the importance of having well-defined agreements and protocols in place when setting up a business. The lack of a clear agreement on how funds raised for the project should be managed has led to the current impasse. Going forward, it is essential that companies adopt transparent funding and management policies to avoid similar disputes in the future.

Conclusion

The current dispute between the co-founders of Rebase highlights the importance of having clear agreements in place when starting a business. While the outcome of the case remains uncertain, it is clear that the scandal has had a negative impact on the project’s reputation. Going forward, it is essential that companies adopt transparent and accountable management policies to avoid similar disputes.

FAQs

1. Could the dispute lead to the closure of the Rebase project?
2. What are the possible legal implications of the dispute for Truong and Gagack?
3. Is the Rebase project still viable despite the ongoing scandal?

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/16646/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 04/19/2023 06:17
Next 04/19/2023 06:36

Recommended articles