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- Bitter Founder Battles Sink Mintable into Months-Long Crisis
Bitter Founder Battles Sink Mintable into Months-Long Crisis
Lawsuits alleging illegal activity, coup plots, and sabotaged funding mark prolonged legal war at crypto startup
Sana Rizwan
December 11, 2023
• Bitter founder battles plunge NFT marketplace Mintable into months of crisis.
• Lawsuits allege illegal activity, coup plots, and sabotaged funding amid disputes.
• The turmoil serves as a cautionary governance tale for crypto startups struggling after the 2022 winter.
Mintable's Turmoil
Singapore-based NFT marketplace Mintable has faced over half a year of turmoil, including dueling lawsuits and countersuits after relationships shattered between its founder-CEO and board members.
At the core lie disputes over potential misuse of funds and crypto assets, executives' alleged conflicts of interest and self-dealing, and a failed $13 million funding round.
Court documents contain accusations of internal sabotage, attempted coups, and more between the warring factions.
Founder-Board Disputes
The downward chaos capped a fall from grace for the formerly high-flying startup, backed by billionaire Mark Cuban and rode the 2021 NFT bubble.
And despite a recent legal settlement, Mintable's future strategic direction and leadership remain uncertain amid the bitter infighting.
Cautionary Tale
The months-long saga spotlights the cascade of risks when company governance and investor oversight break down, especially in lightly regulated, volatile sectors like crypto.
It also serves as a warning for other startups struggling to survive 2022's crypto winter despite past funding success.
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