Wilson Sues Former Employee Over Missing CoinSpot Funds

CoinSpot founder Russell Wilson is taking his former employee Iresh Pawan Perera to court, alleging he stole nearly half a million dollars from the crypto exchange. The case follows another alleged fraud incident on CoinSpot in 2017, where $40 million was stolen.

The lawsuit claims that between March 2023 and March 2024, Perera transferred almost $480,000 out of CoinSpot into his personal bank account through 76 transactions. Wilson's company is seeking damages worth $478,932 and interest.

CoinSpot has a history of security breaches, with a major incident in 2017 where UK-based fraudsters exploited a glitch to falsely credit accounts with millions. The scammers were later convicted and jailed for money laundering.