Former Theta Executives Accuse Crypto Firm's CEO of Fraud, Retaliation
Two former senior executives at Theta Labs, Jerry Kowal and Andrea Berry, have filed whistleblower lawsuits in California, alleging CEO Mitch Liu and the company engaged in deception, market manipulation, and retaliation. The complaints claim Liu used Theta Labs and its parent, Sliver VR Technologies, to artificially inflate token prices through misleading partnerships, undisclosed insider token sales, and generating false bids for NFTs, including those linked to celebrities. Employees who raised concerns allegedly faced retaliation. The lawsuits allege “pump-and-dump” schemes that harmed investors and employees, and cite instances where purported partnerships were actually with Liu-owned entities or misrepresented routine business arrangements, such as presenting a standard Google Cloud services purchase as a strategic partnership to mislead investors and the public. Both plaintiffs claim a pattern of fraudulent conduct and self-dealing aimed at boosting THETA token prices and personally enriching Liu. Theta Labs and Liu have not responded to requests for comment.
