NFT founder stole millions from Bitcoin project, investors allege

Quick Summary:

According to the May 14 court filing in Illinois, the plaintiffs allege that their former business partner, Jonathan Mills, lied about transferring assets from Hashling NFT and at least $3 million from the Bitcoin mining project to a holding company — Satoshi Labs LLC (formerly known as Proof of Work Labs LLC), which Mills is the founder and CEO of.

The plaintiffs have sued Mills for fraud and breach of fiduciary duty, claiming that they have not received any of the equity returns that he supposedly promised. They also claim to have raised a combined $1.46 million from two NFT drops on the Solana and Bitcoin blockchains, but didn’t receive any returns from their investment. Excerpt of the plaintiffs’ claims made against Joshua Mills in an Illinois district court.

According to the supposedly flawed shareholder agreement, Mills was to receive a 67% equity share in Proof of Work Labs (before he later renamed it to Satoshi Labs) while several other investors contributed up to $20,000 into the company in exchange for just 2% equity.

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Article Details

Author / Journalist: Cointelegraph by Brayden Lindrea

Category: Crypto

Markets: United States

Topics: Plaintiffs Mills Equity According Labs Bitcoin Hashling Mining Investors Returns Project

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-15 @ 07:21:05 (12 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 542 words

Reading Time: 4 minutes read

Sentences: 19 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 28725872

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