CEO Sues Board Members for Seizing Control of Crypto Miner

The chief executive officer of cryptocurrency miner Layer1 Technologies filed a lawsuit against two other board members of Layer1 Technologies. One of them was Jakov Dolic who is also the co-founder. The complaint claims that the defendants broke several company policies. This allegation is further supported by the charges of the plaintiff, which claim that the defendants illegally appropriated Layer1’s activities for personal gain. The plaintiff brought the lawsuit.

John Harney, Chief Executive Officer of Layer1 and DGF Investments Inc. (an investment company based in the British Virgin Islands), filed the action against Dolic as well as fellow board member Tobias Ebel with Delaware Chancery Court on February 2. The lawsuit named Dolic and Ebel as its targets. Harney and DGF Investments Inc. filed the initial complaint against Dolic & Ebel.

According to the complaint, Dolic and Ebel used a lack leadership at Layer1 equity parent Enigma to seize control of Bitcoin mining company and make it their “own fiefdom.” According to the complaint, they did it in order to financially enrich themselves. These are the allegations in the complaint. It is possible that the incident occurred at Enigma (the equity parent company for Layer1) and that a power vacuum may have been used to accomplish this task.

Harney and DGF Investments Inc. own a majority of Enigma’s shares. They claim the defendants have “usurped Layer1 CEO’s authority” and prevented Harney from “responsibly running Layer1”. According to them, Harney was unable to “responsibly manage Layer1” because of the defendants. They claim that Harney’s ability to “responsibly operate Layer1” was hindered by the defendants. They claim this is because Harney cannot “responsibly run Layer1” due to interference from the defendants. These accusations are being made in the legal action against the defendants.

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