Coinmint CEO Accused of Stealing $78 Million in Bitcoin
A new lawsuit has been filed against Coinmint's CEO, Ashton Soniat, accusing him of misappropriating 448 BTC from the company's mining operations. The suit, filed by Mintvest Capital, alleges that Soniat told investors production had started on a later date than it actually did, and during this time, he redirected all BTC produced to his personal wallet.
The lawsuit claims that Soniat extended these 'testing' periods for weeks or months, taking all proceeds that should have been distributed. As a result, Mintvest is seeking compensatory damages of at least $104 million, representing withheld profits, as well as punitive and statutory damages.
Coinmint has previously been engaged in other legal disputes, including a suit against Katena Computing and DX Corr related to a $150 million purchase of BTC mining rigs. The company's financial records are also under scrutiny, with the lawsuit alleging a 'systematic failure to maintain proper financial records' that appears deliberate.