Layer1 CEO alleges co-founder is using majority power to 'ransack' company

The CEO of crypto miner Layer1 Technologies has filed a lawsuit against the firm’s two other board members — including co-founder Jakov Dolic — for allegedly commandeering Layer1's operations for their own gain.

The lawsuit alleges that both Dolic and Ebel used a power vacuum at Layer1’s equity parent Enigma to seize control of the Bitcoin mining company and operate it as their"own personal fiefdom.” One of the accusations made against Dolic and Ebel alleges they executed “large unauthorized transactions” that were not recorded in Layer1’s financial reporting and that they use Layer1’s“Dolic and his loyalists” have “wielded their majority board control to ransack Layer1, operating it for their own benefit and engaging in self-dealing transactions with impunity.”

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