Bitquery sues ex-CEO Karakitsos over alleged $5 million misappropriation, false reserves
Business
Bitquery's ex-CEO, Dionysios "Dean" Karakitsos, is being sued for allegedly moving more than $5 million from company accounts into his own pocket.
The lawsuit says he misled investors about Bitquery's finances, claiming the company had $5 million to $6 million in reserves when it was actually making just $2 million a year in 2024 and 2025.
Alleged deletion, damages sought, Karakitsos denies
Right before quitting last October, Karakitsos allegedly deleted 194 financial records and kept hold of the company's banking credentials.
Now, Bitquery, run by co-founder Aleksey Studnev, wants its money back plus damages.
Karakitsos has denied everything and says he will fight the claims in court.