Bitcoin Wallet Company Xapo Gets a Breach of Contract Lawsuit
Bitcoin wallet company Xapo lost their bid to dismiss a breach of contract lawsuit slapped on five of its employees. This lawsuit was filed by LifeLock, which is seeking damages from defendants including Xapo CEO Wences Casares and COO Federico Murrone. According to LifeLock, the defendants did not disclose the "nature and extent" of their role in developing the project, which it argues was created on its computers and using its resources. Bitcoin Wallet Lawsuit. Back when LifeLock purchased Lemon, a digital wallet platform, it secured the services of Xapo employees. According to Xapo,....
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Five Xapo employees have lost their bid to dismiss a breach of contract lawsuit brought on by former employer LifeLock. The update is the latest in a case first brought to light by Fortune when it revealed LifeLock was seeking damages from the defendants, including current Xapo CEO Wences Casares and COO Federico Murrone, related to the development of IP it says would become the foundation of the bitcoin services firm. LifeLock has alleged that the defendants did not disclose the "nature and extent" of their role in developing the project, which it argues was created on its computers and....
Billion-dollar security company LifeLock has filed a lawsuit against Xapo that some say could jeopardize the existence of the Swiss-based Bitcoin wallet and debit card company, as Lifelock seeks to declare ownership of the technology. In December of 2013, LifeLock acquired for US$42.6 million all the ongoing businesses, including existing intellectual and physical property, of a digital wallet company called Lemon, which was led by Xapo founder Wences Casares. The complaint for breach of contract submitted by LifeLock to the superior court of the state of California claims that: “Former....
Bitcoin miners servicing GAW were sued by Mississippi Power Company (MPC) for non-payment and breach of contract earlier this month, with the company seeking close to $350,000 including interest and court fees for the lawsuit. In particular, the company is claiming around $224,000 in services repayment, $50,000 in costs for GAW, and $73,493.48 in utility claims. The lawsuit was filed last week in the Southern District Court for the Southern District of Mississippi, with MPC being represented by Balch and Bingham LLP. Bitcoin Miners Lawsuit. GAW has already ceased bitcoin miners operations....
Xapo CEO Wences Casares and some of the members of the Xapo team have been sued for breaching their contract with LifeLock. Casares responded with a cross-complaint against the online identity firm and is seeking damages and a jury trial. Last year, LifeLock filed a complaint against Casares and several Xapo employees who were members of the Lemon digital wallet company that Casares founded and was acquired by LifeLock. Xapo Lawsuit. According to the LifeLock complaint, Casares and his long-time associates for launching a new business called Xapo using the facilities of Lemon. Furthermore,....
Bitcoin bank and payment processor Xapo faces uncertain waters as much of the company's executive team is being sued for contract violations. The misgivings center on the last months that Xapo co-founder and CEO Wences Casares, along with other Xapo employees, worked for the mobile wallet Lemon. In December 2013, the $1.5 billion online security company LifeLock acquired the mobile wallet for $42.5 million (and rebranded it LifeLock Wallet). As reported by Fortune, the lawsuit is over whether Xapo was originally developed during his and other Xapo employees' time working for Lemon. Or as....