Cryptocurrency casino slapped with $400M lawsuit by ex-partner: Stake.com

Source: Unsplash

There are many wonders in the world of cryptocurrency. It has been rather crazy during the past few months. Lawsuits have been rampant in the market since several ventures failed. A new lawsuit has affected the cryptocurrency sector today. But this time, it involved only one thing. It was revealed earlier today that the creators of Stake.com, one of the largest Bitcoin casinos in the world, were being sued by their former partner.

According to reports, former partner Christopher Freeman sued in the Southern District of New York. He stated in his petition that he had been duped into departing from the design of Stake.com and was seeking $400 million in punitive damages.

Source: Stake.com

The founders of Stake.com, Ed Craven and Bijan Tehrani, were called to account for their extravagant lifestyles and freshly acquired costly homes. He mentioned that the company had handled wagers worth around $100 billion. All of this was used by Freeman to emphasise the Bitcoin casino’s success.

Cryptocurrency enthusiasts’ fallout

According to reports, Tehrani and Freeman went to the same elementary and high school. In 2013, after meeting Craven at school, they made the decision to launch Primedice, an online casino. Tehrani and Craven had 40% of Primedice, while Freeman had 20% ownership. According to reports, this arrangement matched their initial investments.

Freeman’s ownership, however, was reduced to just 14% in just nine months. In order to reward other members of the development team, this was done. While Freeman did not take kindly to this, he had already proposed the notion of a cryptocurrency casino in 2016. Freeman claimed that, given the anxiety surrounding rules, the other two seemed to be relatively uninterested.

In an unexpected change of events, the pair chose to move on with Stake.com, leaving Freeman completely out in the cold. If Freeman wanted to be a part of the crypto casino, Tehrani and Craven advised him to relocate to Australia. Freeman’s court documents stated,

“Later, when Stake.com launched as a virtual casino which included a competing online dice game and many other features Freeman had proposed and helped design, Tehrani and Craven affirmatively tried to assuage Freeman’s dismay at having been misled by affirming that he still retained his stake in Primedice.”

Sadly, Freeman was also turned away from Primedice.

Cryptocurrency casino dismisses Freeman’s accusations

Stake.com’s creators were adamant that Freeman’s assertions were untrue. The company went so far as to say that the lawsuit was an attempt to distribute false information. The statement went on to say,

“The complaint filed by Chris Freeman contains allegations that are internally inconsistent, intentionally misleading, and provably false.”

The company declared that it will resist Freeman’s pressure and maintain its position. The Bitcoin casino’s creators had a lot of faith that the court would quickly dismiss Freeman’s claims.