Blockchain Forensics Firm CipherBlade Hit by Alleged Hostile Takeover Amid Founder's Absence
The founder of the Pennsylvania blockchain forensics firm CipherBlade claims that a group of employees executed a "hostile takeover" in a lawsuit filed in Alaska.
The blockchain intelligence firm alleges that a group of its employees carried out a "hostile takeover" while the founder, Richard Sanders, was volunteering in war-torn Ukraine, assisting local police with cryptocurrency investigations.
According to the filed complaint, the firm's internal operations have been compromised. It alleges that the defendants in the lawsuit took advantage of Sanders' absence to seize control of company assets and sensitive data.
In a LinkedIn post, the founder stated that individuals who were entrusted with the company's assets and responsibilities have engaged in unethical and illegal activities, even stealing the CipherBlade domain, social media accounts, and other company property.
During his absence, the company's clients and some staff were moved to new CipherBlade entities in Alaska and Singapore, effectively leaving his business empty, as stated in a lawsuit.
Sanders founded CipherBlade in 2019 with the objective of assisting federal agencies, private firms, and individuals in financial crime investigations, particularly cybercrime.
The founder said these defendants planned their actions when he was in Ukraine, a period they knew he would be extremely busy and be either unable to react or left with a choice between saving lives or preventing additional theft.
The company, which Richard Sanders has stepped away from, is now making a second attempt to sue the new management of cipherblade.com.
This led to the recent civil complaint filed with the U.S. District Court of Alaska seeking damages for various wrongdoings, including the
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