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Crypto & Web3

Bitter Founder Battles Sink Mintable into Months-Long Crisis

Sana Rizwan
Last updated: February 12, 2024 1:47 pm
Sana Rizwan
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2 Min Read
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Contents
Mintable’s TurmoilFounder-Board DisputesCautionary Tale

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• Bitter founder battles plunge NFT marketplace Mintable into months of crisis.

• Lawsuits allege illegal activity, coup plots, and sabotaged funding amid disputes.

• The turmoil serves as a cautionary governance tale for crypto startups struggling after the 2022 winter.

Summary

Mintable’s Turmoil

Singapore-based NFT marketplace Mintable has faced over half a year of turmoil, including dueling lawsuits and countersuits after relationships shattered between its founder-CEO and board members.

At the core lie disputes over potential misuse of funds and crypto assets, executives’ alleged conflicts of interest and self-dealing, and a failed $13 million funding round.

Court documents contain accusations of internal sabotage, attempted coups, and more between the warring factions.

Founder-Board Disputes

The downward chaos capped a fall from grace for the formerly high-flying startup, backed by billionaire Mark Cuban and rode the 2021 NFT bubble.

And despite a recent legal settlement, Mintable’s future strategic direction and leadership remain uncertain amid the bitter infighting.

Cautionary Tale

The months-long saga spotlights the cascade of risks when company governance and investor oversight break down, especially in lightly regulated, volatile sectors like crypto.

It also serves as a warning for other startups struggling to survive 2022’s crypto winter despite past funding success.

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 Lawsuits alleging illegal activity, coup plots, and sabotaged funding mark prolonged legal war at crypto startup  

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