The recent release of files from the Crypto Leaks site suggests that the Avalanche team has made a deal with a corporate lawyer. Supposedly, this was meant to cause difficulties for some of their opponents. However, those involved have categorically denied the allegations and the Avalanche CEO has called it a “ridiculous and absurd conspiracy theory”.
Ava Labs wanted to harm other platforms?
So far, all players involved in the crypto world seem to have acted calmly, despite fierce competition to make their place in this world. However, the recent actions of Ava Labs seem to indicate that they have found a dishonest way to accelerate their growth within the cryptocurrency exchange industry.
A report from CryptoLeaks says that Ava Labs, a crypto company, hired lawyers to slander its competitors. The purpose was to distract regulators and deter other companies from entering the crypto industry. Additionally, Ava Labs is said to have secretly struck a deal with law firm Roche Freedman. In exchange for AVAX tokens worth hundreds of millions of dollars in stock and lawsuits against potential competitors, Roche Freedman was required to harm certain competitors within the crypto industry.
The nature of the company’s transactions are explained in a series of video recordings by Kyle Roche. Roche says he and his partners have worked together for years. As part of their collaboration, the law firm would have obtained confidential information on other exchanges.
In a tweet, Ava Labs CEO Emin Gün Sirer dismissed allegations that he engaged in illegal activities. He said he did not understand how anyone could believe such nonsense and would never engage in anything illegal.
Kyle Roche described the platforms he took in his accusations. Among others, it listed Binance, Solana Labs and Dfinity Foundation. The latter does not want to hide anything and has openly exposed the plan to undermine the integrity of these trading platforms.
Initiating legal proceedings against its competitors is a practice regularly used. Indeed, when such procedures are initiated, this offers the possibility of accessing a great deal of confidential information.
“In the United States, when you sue an individual or company, you can demand access to their confidential accounts, business data, emails and social media communications, and more, using a special legal process called “discovery”. This helps to explore the inside of every crypto business.”
Industry figures react
Binance Exchange CEO Changpeng Zhao said he was unsure of the veracity of the accusations. He also said of course his trade was a target, but he was surprised by the news. Many investors were also surprised by these statements. In a tweet, Ari Paul – the founder of BlockTower – said the announcement matched what he had seen from the CEO of Ava Labs and Roche.
Ari Paul noted that the report was relatively accurate, although he assumed it was. However, Ava Labs attorneys said Kyle Roche’s statements contained lies, indicating the need for further investigation. Ari Paul also said he will not hesitate to bring to light any evidence that proves the report was false.
Avalanche price has sunk 11% in the past 24 hours due to the Cryptoleaks article questioning the course of events. If people remain skeptical, the fact remains that the article did sink Avalanche’s price.
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Ava Labs (AVAX): the new cryptoleaks affair that is shaking up the sector
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