2 years ago
Citadel Securities alleged that 2 erstwhile employees formed a cryptocurrency steadfast with the company’s proprietary information, Bloomberg News reported May 17.
Ex-employees allegedly stole commercialized secrets
The applicable ailment alleges that Leonard Lancia and Alex Casimo formed their firm, Portofino Technologies portion moving astatine Citadel Securities.
The 2 individuals’ positions astatine Citadel Securities supposedly allowed them to entree the company’s proprietary information. Lancia and Casimo participated successful a “brazen strategy to bargain Citadel Securities’ commercialized secrets,” Citadel Securities said.
Citadel Securities said it recovered documents related to Portofino’s earliest fundraising efforts months earlier Lancia and Casimo said they would permission the firm. Casimo allegedly offered circumstantial trading accusation to a imaginable spouse arsenic well.
The institution present intends to person damages and restitution successful a trial.
Both firms are progressive successful crypto
Portofino is simply a marketplace shaper for crypto markets, meaning that it provides liquidity for fiscal institutions and ample investors that commercialized those assets.
Citadel Securities likewise acts arsenic a marketplace maker. Though it does not enactment exclusively with crypto, it is known for its information successful the crypto industry.
Citadel Securities received $1.15 cardinal from crypto-focused VC firms Sequoia and Paradigm successful January 2022. Those investors invested suggested the steadfast would determination into crypto.
The institution notably announced plans for a cryptocurrency trading ecosystem successful concern with Virtu Financial successful June 2022. That level is present called EDX Markets; it launched successful September 2022, according to a aboriginal property release.
The station Citadel Securities says ex-employees launched crypto steadfast with stolen commercialized secrets appeared archetypal connected CryptoSlate.
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