Blockchain gaming giants Mythical Games, creators of the hugely successful title Blankos Block Party, is suing three of their top level ex-employees. The lawsuit surrounds a controversy alleging the three execs raising $150 million to launch their own product while still on Mythical Games’ payroll. The gaming company, Fenix Games, led by the three former employees, is being sued by Mythical Games.
What Is The Mythical Games Lawsuit About?
Ex Mythical Games execs Rudy Koch (co-founder), Chris Ko (Senior Vice President), and Matt Nutt (Chief Operating Officer) are the three employees in question facing the lawsuit. The company also claims that the three execs were in charge of developing the next frontier named “Mythical Ventures”. This new sub-project was to help Mythical Games allow individual developers to bring blockchain games to the market. The firm claims that the development for this project began in late 2021 with a $4 million funding. All three execs – Koch, Ko, and Nutt were spearheads for Mythical Ventures.
Then, in April 2022, Ko allegedly made a presentation to the Mythical board of directors. The presentation details the fund’s strategic business plan, investment thesis, target gaming sectors and other deals. The lawsuit also states that in the four trips that the ex-employees made to Dubai to raise capital, the trio cut their own deal to build Fenix Capital, their latest venture. In November 2022, all three execs quit Mythical one after the other in quick succession. Coincidentally, the announcement for Fenix Games went live around the same time. During this time, Fenix Games also announced that they raised a large investment from Dubai-based firm Cypher Capital. Fenix Games announced a $150 million investment from Cypher Capital – a company that, according to the lawsuit, Mythical Games connected the trio to.
Court Cases Filed
Mythical Games then went on to file the court cases on their ex-employees. All three members 10 counts of accusations including fraud, breach of trust, and breach of contract. Some of the shady deals were allegedly made during their term of employment with the company. The lawsuit also states that all three defendants used Mythicals network to rake in investment money for their own project. Furthermore, the lawsuit seeks recovery of the stolen property, an injunction against its use, and compensatory and punitive damages.
“I can say that we believe very strongly in the protection of our intellectual property and corporate assets. In this instance, it was necessary to take these steps to rectify this situation and protect the company’s corporate interest, as is our duty to our employees and investors.” states Nate Nesbitt, Head of Communications at Mythical Games.
About Mythical Games
Mythical Games is an LA-based next-generation blockchain gaming company. The company operates within and beyond the technologies of today to usher in a new generation of players. Its belief system centers around new economies, digital ownership, verifiable scarcity, and also player engagement. Some of its most successful titles include NFL Rivals and Blankos Block Party, with two other titles coming soon.