Guess What Cryptocurrency is Being Sued Today

The Record-Breaking $152 Million Battle Over Blockchain Betting Tool Augur

What's the story?

  • Former Augur employee, Matthew Liston, is suing the four founders of Augur
  • The lawsuit alleges, "committed fraud, breach of contract, and trade theft in connection with conflicts that arose out of Liston's termination from the company and his stake in Augur's token distribution, leaving him empty-handed."
  • It seems the lawsuit stems from the fact that the Augur founders aren't honoring Liston's co-founder status

Why Does This Matter?

Augur is being sued for an employment dispute. Plain and simple. I read the complaint, and it seems petty on behalf of the Augur founders. (Mind you, we have yet to hear their side.) Matthew Liston agreed to a severance deal with the Augur founders which included him being listed as a co-founder. The Augur founders then went to great length to prevent him from being listed as a founder of Augur after the agreement was signed. Paul Sztorc, an early advisor of Augur, wrote that Matt was an integral part of Augur while the Augur founders describe him as a "random internet guy." The case will most likely get settled before it even reaches court let alone a trial date.

The most important thing this lawsuit shows is the "centralized" nature of cryptocurrency at the moment. Augur is described as a decentralized prediction market yet it's founders, and the company itself is being sued. How can something decentralized be sued? Well, because it's not decentralized. Many things in cryptocurrency that describe themselves as decentralized are anything but. If a lawsuit can threaten the existence of a token, I can ensure you it's anything but decentralized.