Blockchain Execs Put Profits Over Tech, Investor Says

By Elise Hansen (July 21, 2021, 6:04 PM EDT) -- Executives at blockchain company CasperLabs damaged the company's prospects and misled investors by putting personal gain over technological development, a CasperLabs investor has told a California federal court.

Investor Coordination Technology Ltd. accused CasperLabs executives and board members of approving investments that benefited company insiders rather than the company, of engaging in a pump-and-dump scheme around the digital "Casper" coin, and of sacrificing key elements of Casper's purported technology in favor of a cheaper option. CasperLabs LLC is listed as a nominal defendant in the suit, which was filed Monday.

"The defendants violated their fiduciary responsibilities to shareholders [in order] to...

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