Mythical Games Sues Former Execs for Stealing $150 Million

• Mythical Games has filed a lawsuit against three former executives for allegedly stealing $150 million from the company.
• The lawsuit accuses Chris Ko, Matt Nutt and Rudy Koch of breaching fiduciary duty and fraud.
• Mythical is seeking the return of the stolen funds, as well as compensatory and punitive damages.

Mythical Games has taken legal action against three of its former executives, Chris Ko, Matt Nutt and Rudy Koch, accusing them of stealing $150 million from the company. The lawsuit, filed on Thursday, alleges that the executives breached their fiduciary duty and committed fraud while they were employed by the firm.

According to the complaint, Ko, Nutt and Koch were tasked with acquiring investors for Mythical’s venture capital wing, Mythical Ventures. After they each announced their departure from the company in November last year, they announced that they had raised funds from Cypher Capital – a lead investor they had been working with to obtain capital for Mythical Ventures.

Nate Nesbitt, head of communications at Mythical, said that the company had taken the legal action to protect its intellectual property and corporate assets. “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,” he said.

The lawsuit is seeking the return of the stolen funds, as well as compensatory and punitive damages. Mythical is accusing Ko, Nutt and Koch of fraud and breach of contract in ten counts. In addition, the firm is also asking for a restraint against the use of the funds.

Last year, Mythical raised $150 million in a Series C round led by crypto VC Andreessen Horowitz (a16z). However, the company had to let go 10% of its staff last month due to the current crypto winter. Fenix Games, the firm founded by the three executives, did not respond to CoinDesk’s request for comment by the time of publication.

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