Coinmint CEO Ashton Soniat accused of misappropriating 448 BTC in lawsuit

Mintvest Capital files an amended lawsuit against Energy & Compute, LLC (formerly Coinmint) and its CEO Ashton Soniat, alleging the misappropriation of 448.7193 Bitcoin. The complaint accuses Soniat of delaying production reporting to redirect early mining yields to his personal wallet. Mintvest, holding an 18.2% stake, seeks $104 million in withheld profits and $47.1 million for the stolen Bitcoin, while accusing NYDIG of excluding them during its acquisition of Coinmint.

Coinmint CEO BTC misappropriation allegations

• ▪The lawsuit filed by Mintvest Capital broadly alleges securities fraud and Racketeer Influenced and Corrupt Organizations Act (RICO) offenses against Energy & Compute, LLC and Ashton Soniat.
• ▪The lawsuit filed by Mintvest Capital alleges that Energy & Compute, LLC Chief Executive Officer Ashton Soniat stole a total of 448.7193 Bitcoin.
• ▪An amended complaint filed by Mintvest Capital against Energy & Compute, LLC, formerly known as Coinmint, alleges that Chief Executive Officer Ashton Soniat misappropriated Bitcoin from the firm's mining operations.

Delayed production reporting scheme

• ▪The lawsuit filed by Mintvest Capital alleges that Ashton Soniat redirected all Bitcoin produced during gap periods between actual and announced startup dates to his personal Bitcoin wallet.
• ▪The lawsuit filed by Mintvest Capital claims that Ashton Soniat told investors that Bitcoin production started on a later date than it actually did each time new mining machines were added.
• ▪The lawsuit filed by Mintvest Capital alleges that Ashton Soniat extended "testing" periods for weeks or months to take all Bitcoin proceeds that should have been distributed to investors.

Mintvest equity stake dispute

• ▪In its prayer for relief, Mintvest Capital requests compensatory damages of at least $104 million for withheld profits and at least $47.1 million for the stolen Bitcoin.
• ▪Mintvest Capital, an equity holder in Energy & Compute, LLC, claims that the mining firm has generated profits exceeding $570 million.
• ▪Mintvest Capital argues that its 18.2% equity holding in Energy & Compute, LLC entitles it to $104 million in profits.

NYDIG merger compensation claims

• ▪Mintvest Capital claims that New York Digital Investment Group (NYDIG) worked to exclude Mintvest Capital from its ownership stake in Energy & Compute, LLC.
• ▪The lawsuit alleges that when New York Digital Investment Group (NYDIG) acquired Energy & Compute, LLC, NYDIG did not compensate Mintvest Capital as provided by the agreement and plan of merger.

Coinmint financial record-keeping failures

• ▪Mintvest Capital claims that Energy & Compute, LLC's failure to maintain proper financial records was deliberate and designed to obscure self-dealing transactions and prevent outside oversight.
• ▪The lawsuit alleges that Energy & Compute, LLC was unable to provide financial reporting to investors due to a systematic failure to maintain proper financial records.