A former Stake.com partner claims he was unfairly banned from a hugely successful cryptocurrency sports betting and online casino.
The Sydney Morning Herald reports that he is suing the platform's Australian creators Ed Craven and Bijan Tehrani for millions of dollars.
Pop artist and Stake.com ambassador Drake makes a public appearance.His favorite gambling site has to deal with a multi-million dollar lawsuit from his former business partner. (Image: Getty Images)
Christopher Freeman, now living in Florida, filed a civil suit in the Southern District of New York.He claims he was tricked by Craven and Tehrani in creating Stake.com.He is seeking $4 million in punitive action and damages, as well as the return of investments he made in the company that became Stake.com.
In addition to Craven and Tehrani, Stake.com is also named as a defendant in the lawsuit.In a statement, the company's attorneys called the allegations "absolutely frivolous" and "clearly false."They said they were ready to defend the case if the judge did not dismiss it.
take part in the action
Freeman's complaint cites Craven's real estate acquisition as proof of Stake.com's overwhelming success.This was only possible because of his involvement and ideas.
In August, Craven paid A$8 million (US$8000 million) for a "haunted mansion" in the Melbourne suburb of Toorak.In addition, Craven-related groups allegedly bought another property for A$5334 million (US$3800 million) earlier this year.
Freeman explained that he was a classmate of Tehrani in Connecticut and had been friends with the Stake.com co-founder since he was young.That led to a business relationship that, according to Freeman, allowed Tehrani and Craven to become successful.
Freeman originally claimed a 20% stake in Primedice, a cryptocurrency dice game, and Tehrani and Craven owned 40% in the lawsuit.Nine months after its founding, Primedice's stock has fallen to 9% of its original value, according to Freeman.
The decline is due to the company's use of stock to pay its development team, Freeman said.Freeman alleges that Craven and Tehrani made different decisions, even though PrimeDice had an arrangement that they would only give stock to those who invested in it.
drive out freeman
Freeman claims he discussed the idea of a cryptocurrency casino with a business partner in 2016, when the price of cryptocurrency rose. Tehrani and Craven allegedly repelled the idea due to potential regulatory concerns.
But Freeman believes the two had already conspired. Tehrani and Craven claim they were dissuaded from joining their new venture, which would eventually become Stake.com.
They said they couldn't participate unless they moved to Australia.In addition, it was explained that the new business could only be traded in fiat currency such as US dollars and euros.Freeman said at the time, "Fiat money gambling is too competitive and too risky."As a result, he withdrew.
Claims that Stake.com only deals in fiat currency were clearly not the case. Stake.com takes cryptocurrency interactions seriously, and its ambassador, pop artist Drake, routinely flaunts it on social media.
Still, the rifts in their relationship grew. Tehrani and Craven allegedly revoked access to his internal systems and eventually blocked Primedice's account entirely.
Establishing Stake.com's reputation
Craven and Tehrani founded Stake.com in Melbourne in 2021 with a Curacao gaming license, according to a late 2017 study by The Age and the Sydney Morning Herald.It is the main sponsor of Everton, the English Premier League soccer team, and has grown into a company with a potential market value of up to $10 billion.
Stake.com claims to have processed $1000 billion in bets through its online casino and sports betting platform.He doesn't care too much about the lawsuit, calling Freeman spreading false information.
Lawyers for the company are optimistic that a judge will drop the lawsuit before it goes to trial.If so, it's likely that Freeman's "desperation to spread false information" will be pursued.
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