The leader of an NFT project and Bitcoin mining venture has been sued by his former business partners for allegedly failing to pay them their promised equity returns.
Several investors of a non-fungible token (NFT) project, Hashling NFT, have accused its founder of misappropriating millions of dollars in profits from the project and a closely tied Bitcoin mining operation.
According to the May 14 court filing in Illinois, the plaintiffs allege that their former business partner, Jonathan Mills, lied about transferring assets from Hashling NFT and at least $3 million from the Bitcoin mining project to a holding company — Satoshi Labs LLC (formerly known as Proof of Work Labs LLC), which Mills is the founder and CEO of.
The plaintiffs have sued Mills for fraud and breach of fiduciary duty, claiming that they have not received any of the equity returns that he supposedly promised.
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