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Coinbase CEO Allegedly ‘Stole’ A Blockchain Startup’s Work, Faces Lawsuit

New_Lawsuit_Alleges_Coinbase_CEO_Stole_Work_From_Blockchain_Startup Market News
  • Coinbase CEO allegedly stole work from a rival blockchain startup.
  • Armstrong was reportedly working on a platform for publishing academic research.
  • Coinbase has not yet made a public statement on the matter.

Coinbase CEO Brian Armstrong has received a new lawsuit filed by MouseBelt Labs on Dec 17, that allegedly accuses him of stealing work from a rival blockchain startup. In detail, it states that the CEO stole ideas while showing his interest to invest in the said company.

Armstrong was reported to be working on a platform that focuses on publishing academic research, which uses tokens that could be traded. As a result, these tokens would reward users in exchange for their efforts. This was called ResearchHub.

Moreover, the lawsuit, which was filed in California, claims that he already heard of a platform called Knowledgr–which has the same goals as ResearchHub. It says further that the Coinbase CEO had come to know Knowledgr and offered financial investment that came with a listing offer of its tokens on Coinbase.

To clarify, Mousebelt Labs was an investor in Knowledgr. The party said that Armstrong had no intention of funding the platform, but instead to take the idea and to eliminate a competition in the said field.

The complainant states that:

It was Armstrong’s and the other Defendants’ intent to steal MouseBelt’s work for themselves, to not only eliminate a potential competitor but to obtain for ResearchHub the benefits of the financial, design and technical resources MouseBelt put into Knowledgr, thereby allowing ResearchHub to launch sooner at less cost a successful platform based entirely or substantially on MouseBelt’s work.

Meanwhile, Coinbase has yet to comment regarding the lawsuit filed against its CEO.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.