Max Glass, a extinct govt at crypto infrastructure and consulting firm RWA Company has sued the company, claiming he used to be wrongfully fired and coerced into signing away his rights so the firm might perhaps well additionally pursue its stablecoin plans with out him.
By doing so, the company committed an act of “fiduciary betrayal,” in line with the grievance filed in a Delaware Chancery Court docket lawsuit on Monday. RWA Company went on to make a stablecoin carrying out, which later grew to become M^0—a stablecoin infrastructure supplier that’s helped initiate plenty of multi-million-buck stablecoin tasks, along side MetaMask’s mUSD.
“It arises from a device of coercion, fallacious inducement, and the next breaches of both fiduciary accountability and contract by the controlling fiduciaries of RWA Company LLC, Gregory DiPrisco and Joseph Quintilian,” Glass claims in the lawsuit, referring to the company’s two other executives. “DiPrisco and Quintilian breached their tasks of loyalty and candor to usurp a treasured corporate opportunity—a new stablecoin product—developed with the Company’s key accomplice, CrossLend GmbH.”
CrossLend is a German fintech startup that digitizes and standardizes loan records. It’s no longer a crypto startup, nonetheless its abilities affords a bridge so on-chain protocols can delight in mortgage and debt records. Per the grievance, RWA labored with CrossLend to make a principle for a stablecoin carrying out, nonetheless then diverted these efforts to construct a new entity that later rebranded to M^0.
In doing so, Glass alleges he used to be wrongfully reduce out from the upside of the stablecoin commercial. “The M^0 carrying out used to be no longer merely impressed by the RWA Co.-CrossLend relationship; it used to be constructed upon it,” Glass said in the grievance.
Glass also alleges a “sample of concealment” on behalf of RWA, over the path of plenty of years, that obscures the particular relationship between the company, its founders, and M^0. He claims his inquiries as as to whether the companies had merged went unanswered.
M^0 didn’t straight away acknowledge to a build apart a query to of for comment from Decrypt.
M^0 has a lengthy list of traders, along side Wintermute Ventures, ParaFi, HackVC, Anthony Scaramucci’s Salt, Galaxy, Polychain, and Bain Capital. The company used to be even handed one of the providers that helped initiate Ethereum wallet MetaMask’s native stablecoin, MetaMask USD, or mUSD, in August.
Under the hood, mUSD makes use of Bridge, Stripe’s stablecoin arm, to tackle issuance, licensing, and reserve administration. M^0 is half of Bridge’s tech stack and customary to give a boost to minting and interoperability capabilities for mUSD.
Glass said he used to be accountable for writing the Maker Development Proposal that ended in Huntingdon Valley Bank securing a $100 million stablecoin loan through MakerDAO, a pudgy player in the DeFi space and the issuer of the USDS stablecoin, beforehand generally known as DAI.
Glass is searching for punitive damages from the defendants, moreover to rescission of his termination , disgorgement of all beneficial properties from “wrongful behavior,” and an injunction that might perhaps well well prevent defendants “from selling, transferring, distributing, or in any other case encumbering their ownership interests in the M^0 Endeavor.”
