Former Theta executive accuses the company's CEO of fraud and retaliation

PANews December 17 News, according to Decrypt, two former executives of blockchain company Theta Labs have filed a whistleblower lawsuit in California, accusing the company and its CEO Mitch Liu of years of fraud, market manipulation, and retaliation. Former executives Jerry Kowal and Andrea Berry filed lawsuits in the Los Angeles Superior Court, alleging that Liu used Theta Labs and its parent company Sliver VR Technologies to inflate token prices through misleading collaborations and undisclosed insider token sales, while retaliating against employees who raised concerns. The lawyer representing Jerry Kowal pointed out that Mitch Liu used Theta Labs as a personal trading tool to carry out fraud, self-serving transactions, and market manipulation. Liu’s carefully planned pump-and-dump schemes repeatedly wiped out the value of investors and employees. The schemes Liu is suspected of also include “creating false quotes for NFTs,” some of which are related to high-profile collaborations with celebrities like Katy Perry. Berry’s complaint also targets Theta’s previous statements about Google, accusing the company of publicly misrepresenting a routine cloud service agreement as a strategic partnership. The complaint also highlights two other self-serving transactions, alleging that “Theta’s so-called ‘partners’ are actually other companies created and fully owned by Liu.”