Two former executives of Theta Labs have filed a whistleblower lawsuit in California, accusing CEO Mitch Liu of fraud, market manipulation, and retaliation. Jerry Kowal and Andrea Berry allege that Liu used Theta Labs and its parent company, Silver VR Technologies, to inflate token prices through misleading collaborations and undisclosed insider sales. The lawsuits claim Liu orchestrated pump-and-dump schemes and generated false NFT quotes, involving celebrities like Katy Perry. Berry's complaint also accuses Theta of misrepresenting a routine cloud services agreement with Google as a strategic partnership. The lawsuits further allege that some of Theta's purported partners were actually companies created and owned by Liu, highlighting a pattern of self-serving transactions.
Theta Labs CEO Accused of Fraud and Retaliation in Whistleblower Lawsuit
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