Emerging Markets Intrinsic (EMI) Files Lawsuit Against Kadena Coin for Breaching Terms of Contract
Emerging Markets Intrinsic (EMI), a boutique advisory and Asset Management Company has filed a lawsuit against Kadena LLC, a blockchain technology company after offering its consulting services to the latter without the terms of the agreement being met, according to reports on January 20.
Per the report, the plaintiffs, Emerging Markets Intrinsic (EMI) and SRT Capital SPC (SRT) were introduced to Will Martino, CEO of Kadena LLC by their attorney who is the latter's father. The duo had supposedly made a $50,000 contribution each in a “friends and family” fundraising conducted by the CEO in 2017.
The same year, the Martino hinted EMI and SRT of investor's high-level interest in Kadena coin which led to SRT's investment of $1 million in the yet to be developed cryptocurrency.
However, the return after the digital asset's token sale was $2. 25 million, resulting in SRT's larger share in the coin’s supply.
More light into the event reveals that in a bid to advance the company, Kadena LLC employed the services of EMI and they allegedly promised to reward them some part of the company's cryptocurrency for completing various tasks.
Reportedly, the tasks included arranging a meeting with a potential investor, a client agreeing to develop the technology, and finally, the issuance of a press release by the prospective client to confirm their collaboration with Kadena.
EMI, on the other hand, who is said to have many business connections, was able to land several prospects. It was also revealed that the plaintiff was able to set up “executive-level meetings with 13 out of 14 Qualified Prospects.” Therefore, referring to the terms of agreement means that they were on the receiving end of 2.6 million Kadena Coin, states the report.
Alternatively, the plaintiff pointed out that Kadena had made efforts to hinder their progress in getting qualified prospects. The same was also said about Kadena's move to delay press releases to a date that is beyond the deadline regarding the agreement.
The defendant, on the other hand, claimed that the results achieved by EMI were more than the company's expectations and as such, the share of Kadena coin that was to be handed over did not fit in with their financial modelling.
The case between the trio is similar to that of Winklevoss v. Shrem lawsuit in November where allegations were made of 5,000 Bitcoins being misappropriated by Shrem.