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    Mythical Games Accuses 3 Former Execs of Using Company Resources to Raise $150M

    Cryptory.net - Mythical Games, a crypto unicorn backed by Andreessen Horowitz, has filed a lawsuit against 3 former executives for using company resources for personal purposes.

    Mythical Games has filed a lawsuit in the Superior Court of California, Los Angeles on Dec 22, accusing three former executives Rudy Koch, Chris Ko and Matthew Nutt of using company secrets to raise $150 million.

    Koch, Ko and Nutt all worked at Mythical Games until last month. Koch was Mythical Games’s co-founder, Nutt was CEO and head of game studios and publishing, while Ko was the senior vice president for strategy and investments.

    Mythical Games officially became a crypto unicorn late last year after reaching a valuation of more than $1 billion. According to the lawsuit, the company assigned 3 former execs the task of raising money for its new fund called Mythical Ventures. The company then introduced the trio to Cypher Capital, based in the UAE, for fundraising purposes. However, the three execs took advantage of company resources to convince Cypher Capital to invest on their own.

    A few weeks after leaving Mythical Games, Koch, Ko, and Nutt announced they had founded Fenix Games, a new platform for blockchain games. They also raised $150 million from Cypher Capital and Phoenix Group. Mythical Games then sued the trio and is seeking restitution of the ill-gotten gains and punitive damages. Mythical Games’s Head of Communications Nate Nesbitt declined to comment on the details of the lawsuit, but provided a written statement by email: 

    “I can say that we believe very strongly in the protection of our intellectual property and corporate assets. In this instance, it was necessary to take these steps to rectify this situation and protect the company’s corporate interest, as is our duty to our employees and investors.”

    Before releasing the first blockchain game on the Epic Games Store, Mythical raised $150 million in Series C financing, raising the company’s valuation to $1.25 billion. Then, Mythical also faced the general difficulties of the crypto market. After 2 days, Chris Ko, Matt Nutt and Rudy Koch all resigned, the company has laid off 10% of its staff.

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