Fun

Hong Kong court orders financial disclosures in Mantra Chain dispute

News Feed - 2024-08-14 06:08:18

Derek Andersen2 hours agoHong Kong court orders financial disclosures in Mantra Chain disputeThe court said the DAO’s financial details should be known to both sides as they hash out ownership and control issues.296 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onThe High Court of Hong Kong ordered the disclosure of financial details of the operation of Mantra Chain in the dispute between Mantra DAO, Inc. and RioDeFi — its infrastructure host — and former RioDeFi employees who allegedly misappropriated funds and business from Mantra.


RioDeFi and Mantra took legal action against defendants John Patrick Mullin, William Corkin, Jayant Ramanand and Rodrigo Quan Miranda in early 2022, RioDeFi and Mantra co-founder Stéphane Laurent told Cointelegraph. 


In April 2023, the Hong Kong court ordered the defendants to disclose Mantra’s financial records from January 2021 to the present. That decision was made public on Aug. 12, when the judge released his “reasons for the decision.”How to treat a DAO


According to their LinkedIn profiles, the defendants are all co-founders of Mantra DAO, a decentralized autonomous organization that later changed to Mantra Chain. The court decision identified them as RioDeFi employees.


Mullin and Corkin were responsible for the day-to-day operation of Mantra, which was founded in May 2020, according to the court document. Their responsibilities included producing regular financial reports, but they allegedly did so with less frequency after January 2021. The defendants “began treating the Project as their own” and misappropriated cryptocurrency from a Mantra account.


The plaintiffs originally sought interim injunctions forbidding the defendants from disposing of or dealing with cryptocurrency and using their trademarks, as well as requiring the disclosure of financial information, but the court only granted the disclosure.


Related: ‘Everything will be tokenized’ — Mantra Chain CEODAOs are a new challenge for the courts


The defendants argued that a DAO has no beneficial owners and decisions about assets were made by OM tokenholders. The tokenholders elected Mullin, Corkin and Miranda councilors in August 2022, giving them the authority to act on the behalf of the DAO, whereas Laurent and other executives associated with RioDeFi did not seek election as councilors at that time.Source: Mantra Chain


The court noted that “the present action is a dispute as to the true ownership, management and control of the Project, a ‘decentralised autonomous organisation’.” It continued:“The courts may not be familiar with the modius operandi and the structures for the operation of such kind of business. […] Given the allegations by both camps, the court is not in a position to form a preliminary view about the overall merit of the claim.”


“The aim of the present application is to preserve the status quo pending trial by letting the Plaintiffs to have some visibility about the financial operation of the Project which they claim is owned by them,” the court said.


Magazine: The legal dangers of getting involved with DAOs# Hong Kong# DAO# DeFi# RegulationAdd reaction

News Feed

Bill Aims to Limit Crypto Mining in Kazakhstan Only to Registered Companies
Bill Aims to Limit Crypto Mining in Kazakhstan Only to Registered Companies New legislation proposed in the parliament of Kazakhstan will allow only authorized miners to mint digit
Bitcoin.com’s Market Aggregator Now Features Into the Block Crypto Asset Statistics
Bitcoin.com"s Market Aggregator Now Features Into the Block Crypto Asset StatisticsAt Bitcoin.com we take pride in providing the best cryptocurrency resources online so people can l
Update from B2BinPay: New Pricing, Tokens, and Merchant Models Along with Redesigned Website
Update from B2BinPay: New Pricing, Tokens, and Merchant Models Along with Redesigned Website sponsored B2BinPay is perfect for businesses looking for a reliable, cost-effective cryp
Helen Partz12 hours agoTether stablecoin firm appoints CTO Paolo Ardoino as CEOThe change in leadership at Tether reflects its commitment to actively exploring new business operations, the company said.2141 Total views28
Amaka Nwaokocha1 hour agoGoogle to protect users in AI copyright accusationsGoogle explicitly stated that only seven products fall under this legal protection, excluding Google’s Bard search tool.484 Total views3 Total
Tom Blackstone2 hours agoCurve emergency DAO terminates rewards for hack-related poolsThe Curve emergency DAO removed CRV rewards for alETH, msETH, pETH, crvCRVETH, Arbitrum Tricrypto and multiBTC pools.645 Total views6
Report: FTX Execs Offered Taylor Swift $100M to Endorse the Exchange, Source Says Singer Never Considered the Deal
Report: FTX Execs Offered Taylor Swift $100M to Endorse the Exchange, Source Says Singer Never Considered the Deal According to a report, the American singer-songwriter Taylor Swif
Trump Token Mania: Over 6,000% Pump Or Classic Solana Trap?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Homeowners Can’t Pay: US Lenders Prepare for Catastrophic Real Estate Market
Homeowners Can"t Pay: US Lenders Prepare for Catastrophic Real Estate Market The coronavirus has managed to seep into every facet of the global economy and it seems nothing will
Bitcoin Price Dominance And Altcoin Season: What The Sudden Volatility Means For The Market
Este artículo también está disponible en español. Crypto analyst Master Kenobihas provided extensive analysis, which discusses the Bitcoin price dominance and altcoin sea
Millions of Wix Merchants Can Now Accept 12 Different Cryptocurrencies
Millions of Wix Merchants Can Now Accept 12 Different Cryptocurrencies On Tuesday, the Atlanta-based cryptocurrency payments company Bitpay announced the Israeli software company W
Bitcoin Hashrate Bounces Back- 2x the Mining Pools, Farm Diversification, 100 Exahash
Bitcoin Hashrate Bounces Back- 2x the Mining Pools, Farm Diversification, 100 ExahashAround 18 days ago, the Bitcoin protocol experienced it’s third block reward halving and t