Xapo CEO Wences Casares Takes Legal Action Against LifeLock
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/HLNEMXAU4BFGVPV7WALGGQHDPQ.jpg)
Wences Casares, the CEO of bitcoin company Xapo, has begun legal proceedings against online identity firm LifeLock in response to a suit filed by the company which alleged contract violations against him and several Xapo employees.
The cross-complaint filed by Casares at California's Superior Court on 24th July states:
It continues: "LifeLock's dysfunctional management – and its willful and and intentional post-acquisition breaches of its agreements with Casares and his team – squandered the success of its acquired company, and then sought to blame everyone but themselves for their mistakes."
LifeLock acquired digital wallet company Lemon Inc, founded by Casares, for $42.6m in December 2013.
In August 2014, LifeLock filed a complaint against Casares and several Xapo employees, all of whom were employees of Lemon at the time of purchase.
In the complaint, LifeLock alleged that Xapo's software and all related intellectual property was developed by Lemon employees, in Lemon's facilities, using its computers and its resources.
Casares is seeking damages and a jury trial.
CoinDesk has contacted Casares for comment.
The full cross-complaint can be found below:
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.