An amended complaint filed by Mintvest Capital against Energy & Compute, LLC—formerly known as Coinmint—alleges that the firm's chief executive officer, Ashton Soniat, misappropriated Bitcoin from the company's mining operations. The lawsuit also broadly alleges securities fraud and violations of the Racketeer Influenced and Corrupt Organizations Act (RICO).
According to the lawsuit, Mr. Soniat allegedly told investors that production on newly added mining machines started on a later date than it actually did. During these gap periods between the actual startup and the announced startup, the filing claims that Mr. Soniat redirected all Bitcoin produced by Coinmint into his personal wallet. The suit alleges that he stole a total of 448.7193 BTC and extended these testing periods for weeks or months to collect proceeds that should have been distributed.
Additionally, the complaint claims that Coinmint failed to provide financial reporting to investors, citing a systematic failure to maintain proper financial records that it alleges was designed to obscure self-dealing transactions and prevent oversight. Mintvest, an equity holder in Coinmint, asserts that the company has generated profits exceeding $570 million and argues that its 18.2% equity holding entitles it to $104 million.
The lawsuit further alleges that when another named defendant, the New York Digital Investment Group (NYDIG), acquired Coinmint, it did not compensate Mintvest as outlined in the agreement and plan of merger, effectively working to exclude Mintvest from its ownership stake.
In its prayer for relief, Mintvest requests compensatory damages of at least $104 million for withheld profits and at least $47.1 million for the allegedly stolen Bitcoin, alongside other punitive and statutory damages. The amended complaint follows an earlier suit that was previously dismissed without prejudice. Coinmint has a history of other legal disputes, including previous litigation involving Katena Computing and DX Corr.
