Blockfusion USA LLC, one of two backers of a cryptocurrency mining joint venture, sued the other, Property Holdings Portfolio LLC, claiming in Delaware Chancery Court that it used “strong-arm tactics to seize majority ownership” so it could divert Bitcoins from the partnership to itself.
“As the value of Bitcoin climbed to historic levels,” recently topping $42,000, PHP’s “misconduct intensified,” to the point where it “has now frozen Blockfusion out” of the business by blocking its access to financial accounts and company records, the lawsuit says.
“Whether characterized as a breach of the duty of loyalty, a breach of the LLC ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.