DWF Labs subsidiaries sue BitGo for $141 million over alleged token lock-up breach
In this news:
Key takeaways
- DWF Labs subsidiaries are suing BitGo for $141 million over a token lock-up breach.
- DWF alleged that discounted tokens were moved to exchanges before the scheduled unlock.
- The dispute involves WLFI tokens, a project backed by Donald Trump and his family.
“The discount BitGo received was conditional on the tokens remaining locked, and they were moved to exchanges roughly two months before the first unlock,” DWF said, according to the FT’s report.
“We raised this with BitGo in April and May, and with no undertaking forthcoming, court action became necessary.”
DWF bought $25 million of WLFI tokens last year, the native asset of World Liberty Financial, the cryptocurrency project backed by President Donald Trump and his family.
The investment drew concern from some lawmakers in Washington, D.C. over DWF’s founder Andrei Grachev’s alleged links to Russia. Grachev was CEO of crypto exchange Huobi’s Russian arm between 2018 and 2019. Huobi has been sanctioned in various jurisdictions for helping Russia evade Western sanctions.
Neither DWF nor BitGo immediately responded to CoinDesk’s request for comment.
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