Crypto Miner’s Founder Sues Back to Keep Control of Layer1

The founder of Layer1 Technologies Inc. is suing its Swiss private equity parent, alleging Enigma Holding AG has wrongfully taken control at the cryptocurrency miner.

Jakov Dolic says he had agreed to settle a debt with Enigma, but not to give it total control of Layer1, a complaint unsealed Wednesday in Delaware’s Court of Chancery.

Enigma had promised to pay Dolic over $16.5 million for his shares in Layer1, which amounted to 77.4% of its total capital—but it never paid him, the complaint said.

Under a settlement agreement they reached in late 2022, new Layer1 stock certificates were issued, after ...