Blockchain gaming behemoth Mythical Games, developers of the largely successful title Blankos Block Party, are now suing three of their top-level ex-employees. This lawsuit surrounds a controversy that claims the three executives raised $150 million to launch their product while still on Mythical Games’ payroll. The gaming firm called Fenix Games led and managed by the three former employees, is getting sued by Mythical Games.
What Does The Mythical Games Lawsuit Entail?
Ex-Mythical Games execs Matt Nutt (Chief Operating Officer), Chris Ko (Senior Vice President), and Rudy Koch (co-founder) are the three employees in question facing that lawsuit. The firm also alleges that the three former employees were in charge of developing the next frontier known as “Mythical Ventures”.
The new sub-project was meant to enable Mythical Games to allow individual developers to introduce blockchain games to the market. The company alleges that the development of this project started in late 2021 with $4 million in funding. All three executives – Ko, Koch, and Nutt were the spearheads for Mythical Ventures.
In April 2022, Ko is said to have made a presentation to the Mythical board of directors. That presentation details the fund’s strategic business plan, investment thesis, target gaming industries, and other deals. This lawsuit also says that in the four trips that the ex-employees made to Dubai aiming to raise capital, the trio cut their deal to set up Fenix Capital, their latest venture.
In November 2022, all three executives quit Mythical one after the other almost at the same time. Notably, the announcement for Fenix Games went live around the same time. At that time, Fenix Games also confirmed that they raised a huge investment from Dubai-based Company Cypher Capital. Fenix Games announced a $150 million investment from Cypher Capital – a firm that, based on the lawsuit, Mythical Games linked the trio to.
Mythical Games then proceeded to file court cases against their ex-employees. All three face 10 counts of accusations including breach of trust, fraud, and breach of contract. Some of the shady deals were claimed to have been executed using their term of employment with the firm. The lawsuit also says that all three defendants used Mythicals network to rake in investment money for their project.
Additionally, the lawsuit looks for recovery of the stolen property, an injunction against its use, and compensatory and punitive damages. Nate Nesbitt, Head of Communications at Mythical Games, said:
“I can say that we believe very strongly in the protection of our intellectual property and corporate assets. In this instance, 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.”
Mythical Games Overview
Mythical Games is an LA-based next-generation blockchain gaming firm. This firm operates within and beyond the technologies of today to introduce a new generation of players. Its belief system focuses on verifiable scarcity, new economies, digital ownership, and player engagement. Some of its most successful titles include Blankos Block Party and NFL Rivals, with two other titles coming soon.
