Alameda-Backed ‘Samcoins’ CEO Alex Grebnev Sued by CoinTelegraph Proprietor Gregory Fishman

Alex Grebnev, CEO of the Maps.me (MAPs) and Oxygen (OXY) cryptocurrency initiatives intently linked to Sam Bankman-Fried’s failed FTX empire, is being sued by Gregory Fishman, reportedly an proprietor of crypto information website CoinTelegraph on allegations of fund misappropriation.

The case, Fishman v. Grebnev, was first filed with the industrial division of London’s Excessive Court docket again in November of 2022 and final up to date on Could 22. The case issues allegations of misappropriated funds and the theft of concepts regarding Grebnev’s unfinished crypto initiatives, in response to an individual aware of the matter. The MAPs and OXY token initiatives, closely backed by Alameda Analysis and Sam Bankman-Fried, have turn out to be a part of a gaggle identified colloquially as “Samcoins.”

“Fishman alleges Grebnev misappropriated funds backing sure crypto initiatives. As well as, Fishman claims Grebnev entered right into a enterprise relationship with him after which terminated it upon Sam Bankman-Fried providing Grebnev funds. Fishman contends that Grebnev stole his concepts,” the particular person advised CoinDesk.

In January 2021, Bankman-Fried’s Alameda Analysis led a $50 million funding into crypto-based Google Maps various Maps.me, and a month later it led a $40 million funding spherical in decentralized finance (DeFi) dealer Oxygen with the hope of integrating Oxygen into Maps.me. CMS, Multicoin and Genesis, a subsidiary of CoinDesk mother or father firm Digital Forex Group, additionally participated within the fund elevate.

Fishman and Grebnev didn’t reply to requests for remark.

Russian-born Grebnev, a Cambridge College educated math whiz, labored at Goldman Sachs earlier than getting concerned with crypto start-ups in 2018.

Fishman is reported to have joined investor Gerard Lopez on the helm of London-based crypto funding agency Lydian Group, whose portfolio of firms contains CoinTelegraph, CrossTower and Bequant.