A petition for court supervision of the liquidation of a Cayman-based online cryptocurrency casino start-up that raised US$8.3 million has been lodged after it was alleged a founder had “misappropriated” most of its assets.
The Grand Court in Cayman was told by the joint voluntary liquidators that Zero Edge Corp. had liabilities of US$829,591 and estimated assets of about US$107,000 and that Richard Kim, a founder and ex-director of the company, could not be contacted.
The writ from George Town liquidators Arkus Advisory said, “In late June 2024, it was discovered that [Kim] had allegedly misappropriated the majority of the company’s funds and assets.”
It added that the company and some investors referred the matter…
