{"id":548758,"date":"2023-02-07T09:16:56","date_gmt":"2023-02-07T06:16:56","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/layer1-ceo-alleges-co-founder-is-using-majority-power-to-ransack-company\/"},"modified":"2023-02-07T09:16:56","modified_gmt":"2023-02-07T06:16:56","slug":"layer1-ceo-alleges-co-founder-is-using-majority-power-to-ransack-company","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/layer1-ceo-alleges-co-founder-is-using-majority-power-to-ransack-company\/","title":{"rendered":"# Layer1 CEO alleges co-founder is using majority power to &#8216;ransack&#8217; company"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a390e5bdbc43\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a390e5bdbc43\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/layer1-ceo-alleges-co-founder-is-using-majority-power-to-ransack-company\/#%E2%80%9D_Layer1_CEO_alleges_co-founder_is_using_majority_power_to_%E2%80%98ransack_company_%E2%80%9C\" >&#8221; Layer1 CEO alleges co-founder is using majority power to &#8216;ransack&#8217; company &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Layer1_CEO_alleges_co-founder_is_using_majority_power_to_%E2%80%98ransack_company_%E2%80%9C\"><\/span>&#8221; Layer1 CEO alleges co-founder is using majority power to &#8216;ransack&#8217; company &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-5a4050f8>The CEO of crypto miner Layer1 Technologies has filed a lawsuit against the firm\u2019s two other board members \u2014 including co-founder Jakov Dolic \u2014 for allegedly commandeering Layer1&#8217;s operations for their own gain.\u00a0<\/p>\n<p>Chief executive John Harney and DGF Investments Inc \u2014 a British Virgin Islands-based investment firm \u2014 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberglaw.com\/public\/desktop\/document\/JohnHarneyetalvJakovDolicetalDocketNo20230101DelChJan302023CourtD\/1?doc_id=X1Q6OIK6DNO2\">filed<\/a> the lawsuit against Dolic and fellow board member Tobias Ebel in Delaware\u2019s Chancery Court on Feb. 2. <\/p>\n<p>The lawsuit alleges that both Dolic and Ebel used a power vacuum at Layer1\u2019s equity parent Enigma to seize control of the Bitcoin mining company and operate it as their &#8220;own personal fiefdom.\u201d<\/p>\n<p>Harney and DGF Investments Inc \u2014 which owns a majority stake in Enigma \u2014 claim the defendants have &#8220;usurped the authority&#8221; of Layer1&#8217;s CEO and prevented Harney from &#8220;responsibly operating Layer1.&#8221;<\/p>\n<p>One of the accusations made against Dolic and Ebel alleges they executed \u201clarge unauthorized transactions\u201d that were not recorded in Layer1\u2019s financial reporting and that they use Layer1\u2019s operations to mine Bitcoin (BTC) and keep the revenue for themselves:<\/p>\n<blockquote><p>\u201cDolic and his loyalists\u201d have \u201cwielded their majority board control to ransack Layer1, operating it for their own benefit and engaging in self-dealing transactions with impunity.\u201d<\/p><\/blockquote>\n<p>The plaintiffs also claimed that Dolic continues to press the false narrative that he owns 77% of Layer1\u2019s equity. In the filing, the plaintiffs argued that Dolic sold all of his Layer1 stock to Enigma for $16 million on Jan. 24, 2022.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/b4193314-a593-4939-b8ef-c46ccffa1219.jpg\"><figcaption style=\"text-align: center;\"><em>Harney and DGF Investments\u2019 court filing in the Delaware court. Source. <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberglaw.com\/public\/desktop\/document\/JohnHarneyetalvJakovDolicetalDocketNo20230101DelChJan302023CourtD\/1?doc_id=X1Q6OIK6DNO2\"><em>Bloomberg Law.<\/em><\/a><\/figcaption><\/figure>\n<p>Harney and DGF have stressed that without imminent judicial intervention to confirm that Enigma has 100% ownership of Layer1, there is nothing that can stop Dolic and Ebel from &#8220;operating&#8221; the company &#8220;for their own benefit.&#8221;<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Argo Blockchain accused of misleading investors in class-action lawsuit <\/em><\/strong><\/p>\n<p>The latest lawsuit filed against Dolic and Ebel alleges a breach of fiduciary duty, pursuant to section 226 of the Delaware <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a> Corporation Law.<\/p>\n<p>The Plaintiffs are hoping to seek relief from the court via an injunction, have their fees paid for by the defendants and order an <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointed custodian to run the company.<\/p>\n<p>Layer1 Technologies was the first United States-based Bitcoin mining company to have fully integrated renewable energy into its operations, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.prnewswire.com\/news-releases\/layer1-opens-its-first-bitcoin-mining-factory-brings-multiple-megawatt-containers-online-in-texas-301007614.html\">according<\/a> to a 2020 report.<\/p>\n<p>Cointelegraph reached out to Dolic for comment but did not receive an im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te response.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/layer1-ceo-alleges-co-founder-is-using-majority-power-to-ransack-company\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Layer1 CEO alleges co-founder is using majority power to &#8216;ransack&#8217; company &#8220; The CEO of crypto miner Layer1 Technologies has filed a lawsuit against the firm\u2019s two other board members \u2014 including co-founder Jakov Dolic \u2014 for allegedly commandeering Layer1&#8217;s operations for their own gain.\u00a0 Chief executive John Harney and DGF Investments Inc \u2014&#8230;<\/p>\n","protected":false},"author":1,"featured_media":548759,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/0ab7dadd-b822-4d34-bec1-ec03a0b8ca58.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,75042,117,71433,70287,73711,70934],"class_list":["post-548758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-mining","tag-business","tag-court","tag-delaware","tag-investments","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/548758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=548758"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/548758\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/548759"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=548758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=548758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=548758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}