NEW YORK CITY, NEW YORK / ACCESS Newswire / April 10, 2025 / HASH Asset Management (the Plaintiff), a crypto venture capital firm, today announced a lawsuit filed in the Court of Chancery of the State of Delaware against DMA Labs Inc. (DMA), ICHI Foundation (ICHI), their founders Bryan Gross and Nick Poore, and their associates Tyler Christian Pinter and Julian Brand aka Julian Finch-Brand (the Defendants). The Complaint asserts that the Defendants executed a fraud scheme and manipulated their crypto assets, which caused the investors to lose over $16,200,000.
According to the Complaint, the Defendants issued their own cryptocurrency, ICHI, and offered a yield-earning "liquidity pool" opportunity, enticing investors to deposit crypto assets and issuing ICHI-designed "stablecoins" in return. They promised that their offering was safe and "decentralized," and that any changes to it would be subject to a "community vote." After the Plaintiff invested millions of dollars' worth of the stablecoins into the pool "Rari Pool 136", the Defendants, contrary to their pledge, exerted full control over it, removed the liquidity protections to protect their own crypto, and executed a series of transactions which caused its collapse. As a result, the Plaintiff lost over US$16,200,000.
According to the Complaint, together with Defendants Poore and Gross, Defendants Pinter and Brand operated several wallets involved in the pump-and-dump scheme of ICHI and were direct participants in the fraudulent scheme.
The lawsuit seeks to hold the individual defendants Poore and Gross liable, in addition to also asserting claims for breach of fiduciary duty and other claims against them. The Complaint lists seven counts: fraud, selling unregistered securities, market manipulation, breach of contract, conversion, breach of fiduciary duty, and piercing the veil and alter ego liability.
HASH Asset Management Ltd is a crypto venture capital firm specializing in decentralized finance (DeFi) and blockchain projects. It has invested into multiple early-stage, promising ventures in the sector, into the middleware and infrastructure niches, aiming to create truly open and interconnected blockchain networks. It helps businesses in "tokenomics", protocol design, as well as with initial liquidity, node infrastructure and fintech talent. It is driven by experts in crypto and DeFi, blockchain technology, investment banking, and trading and data analytics, united by the goal of bringing institutional level of service quality to the rapidly developing crypto-assets market. It is managing over US$50 million in assets and is rapidly growing.
Contact Information
Eugene Uporov
General Counsel
legal@hashcib.com
SOURCE: HASH Asset Management
Related Documents:
- Complaint (Delaware Chancery - Hash) (1).pdf
- Exhibit B (Sibenik declaration) (as filed) (1).pdf
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