Matter Labs Faces Lawsuit for Alleged Intellectual Property Theft
Matter Labs, the company behind layer-2 blockchain ZKSync, is currently embroiled in a legal battle with BANKEX, a defunct digital asset banking platform, over allegations of intellectual property theft. The lawsuit, filed by BANKEX CEO Igor Khmel and the BANKEX Foundation in the New York State Supreme Court, claims that former BANKEX employees Alexandr Vlasov and Petr Korolev stole the company’s technology to launch Matter Labs.
Background of the Allegations
The complaint alleges that Vlasov and Korolev, who were previously employed by BANKEX, used the company’s resources and funding to develop a competing company, Matter Labs. This new venture reportedly received over $450 million in venture capital funding and has since become a significant player in the blockchain industry. The complaint further asserts that Vlasov and Korolev covertly transferred BANKEX’s technology to Matter Labs and developed operational code bases without authorization.
Response from Matter Labs
In response to the allegations, a spokesperson from Matter Labs issued a statement denying the claims of intellectual property theft. The company maintains that ZKSync, their layer-2 blockchain technology, is original and not based on any code developed by BANKEX. Matter Labs asserts the integrity of their work and looks forward to addressing the allegations in court.
Key Players in the Lawsuit
Alex Gluchowski, co-founder of Matter Labs, along with crypto investment fund Dragonfly and Chris Burniske, a partner at Placeholder Capital, are also named in the lawsuit for their alleged involvement in the theft. Vlasov currently serves as the head of R&D at Matter Labs, while Korolev is the founder of blockchain security firm OXORIO.
Legal Proceedings
BANKEX lawyer Clayton Mahaffey stated that the firm will refrain from commenting further on the case at this time. However, he reiterated their belief that the allegations in the complaint are well-founded and expressed their readiness to present their case in court.
Conclusion
The outcome of the lawsuit between Matter Labs and BANKEX remains to be seen. The dispute highlights the challenges and complexities of intellectual property protection in the rapidly evolving blockchain industry.
Read more: Matter Labs Accuses Polygon of Spreading “Untrue Claims” With Code-Copying Allegations