Thursday, December 8, 2022
 

Online Crypto Casino Stake.com Slapped With $400 Million Lawsuit

  • Stake.com’s former partner has sued the founders, Ed Craven and Bijan Tehrani.
  • The lawsuit has been filed in the Southern District Court of New York.
  • Stake.com has called the allegations internally inconsistent, intentionally misleading, and provably false.

Earlier today, a class action lawsuit was filed against the founders of the cryptocurrency casino Stake.com, Ed Craven and Bijan Tehrani, by a former partner, Christopher Freeman, seeking nearly $400 million in damages and payment for his initial investment in the company.

The lawsuit, filed in the Southern District Court of New York, claims that Freeman was deceived by the company’s profits. In the case, Stake.com is also named as a defendant.

While brushing off the accusations, Stake.com commented:

The complaint filed by Chris Freeman contains allegations that are internally inconsistent, intentionally misleading, and provably false. These are desperate attempts to spread false information. Freeman has no claim to the money he said he was owed.

Initially Freeman, Craven, and Tehrani started a Bitcoin gambling firm Primedice, in which Freeman held a 20% holding while Tehrani and Craven each owned 40%. Within nine months, Freeman’s stocks were lowered to 14%.

Later in 2016, Freeman pitched the idea of a cryptocurrency casino to Craven and Tehrani as the value of the cryptocurrency soared high. However, both the partners turned down the idea citing potential regulatory concerns.

Freeman, as per his court filings, believed that a fiat money casino was the wrong direction to go. Tehrani and Craven nonetheless went ahead and started Stake.com despite the knowledge that it would be too expensive to operate one and overlooked the regulation concerns.

As per the public statements, it is believed that the founders of the company do not intend to cave to Freeman’s demands, calling it “utterly frivolous allegations which will be dismissed by the court in course of time.”

  • Stake.com’s former partner has sued the founders, Ed Craven and Bijan Tehrani.
  • The lawsuit has been filed in the Southern District Court of New York.
  • Stake.com has called the allegations internally inconsistent, intentionally misleading, and provably false.

Earlier today, a class action lawsuit was filed against the founders of the cryptocurrency casino Stake.com, Ed Craven and Bijan Tehrani, by a former partner, Christopher Freeman, seeking nearly $400 million in damages and payment for his initial investment in the company.

The lawsuit, filed in the Southern District Court of New York, claims that Freeman was deceived by the company’s profits. In the case, Stake.com is also named as a defendant.

While brushing off the accusations, Stake.com commented:

The complaint filed by Chris Freeman contains allegations that are internally inconsistent, intentionally misleading, and provably false. These are desperate attempts to spread false information. Freeman has no claim to the money he said he was owed.

Initially Freeman, Craven, and Tehrani started a Bitcoin gambling firm Primedice, in which Freeman held a 20% holding while Tehrani and Craven each owned 40%. Within nine months, Freeman’s stocks were lowered to 14%.

Later in 2016, Freeman pitched the idea of a cryptocurrency casino to Craven and Tehrani as the value of the cryptocurrency soared high. However, both the partners turned down the idea citing potential regulatory concerns.

Freeman, as per his court filings, believed that a fiat money casino was the wrong direction to go. Tehrani and Craven nonetheless went ahead and started Stake.com despite the knowledge that it would be too expensive to operate one and overlooked the regulation concerns.

As per the public statements, it is believed that the founders of the company do not intend to cave to Freeman’s demands, calling it “utterly frivolous allegations which will be dismissed by the court in course of time.”

 

Latest news