Delaware Lawsuit Targets ICHI Protocol Over $16.2M Loss in Collapsed Crypto Scheme
On Friday, May 23, 2025, HASH Asset Management Ltd. filed an amended verified complaint in the Delaware Court of Chancery against DMA Labs, Inc., ICHI Foundation, Bryan Gross, Nick Poore, Tyler Christian Pinter, and Julian Brand, also known as Julian Finch-Brand.
The lawsuit alleges fraud, breach of contract, conversion, breach of fiduciary duty, and seeks to pierce the corporate veil, claiming losses of over $16.2 million due to the collapse of a cryptocurrency investment scheme.
According to the complaint, HASH, a Cayman Islands entity, invested approximately $16 million in stablecoins and other cryptocurrencies in the ICHI Protocol between December 2021 and April 2022. The ICHI Protocol, developed by DMA Labs and managed through the ICHI Foundation, included a cryptocurrency called ICHI, stablecoins known as oneTokens, a Community Treasury, Angel Vaults, and Rari Pool 136, a yield-earning liquidity pool. The defendants, including Gross, CEO of DMA Labs, and Poore, its Chief Technical Officer, allegedly promoted the protocol as a decentralized platform where investors had voting rights over the Treasury’s assets.
The complaint states that HASH was drawn to the ICHI Protocol after reviewing offering documents and engaging in communications with the defendants via Discord and Telegram. These documents and discussions promised that oneTokens could be redeemed for $1 USD each and were protected by a “buy wall” in the Angel Vaults to stabilize ICHI’s price. HASH deposited stablecoins into the Treasury, receiving oneTokens, which were staked in Rari Pool 136 to earn yield paid in ICHI.
The lawsuit alleges that, contrary to the defendants’ claims of decentralization, they maintained control over the protocol. Between January and April 2022, the defendants reportedly transferred millions in stablecoins from the Community Treasury to Rari Pool 136 without the promised community vote. These transfers allegedly enabled a scheme where defendants used ICHI as collateral to borrow stablecoins, purchased more ICHI to inflate its price, and repeated the cycle. The complaint notes that Rari Pool 136’s high loan-to-value ratio of 85% increased the risk of default if ICHI’s value dropped.
By early April 2022, ICHI’s price surged from $79 to $139, with its total market value reaching $599 million. However, on April 11, 2022, a wallet allegedly linked to the defendants sold $10 million in ICHI, triggering a price collapse. This led to forced liquidations and a bank run, rendering HASH’s oneTokens irredeemable and causing losses of approximately $16 million. The complaint cites a crypto tracing investigation by expert Paul Sibenik, which linked key transactions to wallets associated with the defendants, including those interacting with the ICHI Deployer smart contract.
The lawsuit further alleges that the defendants made false statements, including claims that oneTokens had no liquidation risk and that the Angel Vaults would protect against volatility. After the collapse, the defendants reportedly blamed market forces and denied involvement in the initial $10 million sale, despite evidence suggesting otherwise. HASH claims the defendants’ actions constituted a “pump-and-dump” scheme, with insiders profiting while investors faced significant losses.
The complaint names Gross and Poore, along with Pinter and Brand, who are accused of coordinating the scheme. Pinter and Brand, allegedly residing together in Florida, are linked to wallets involved in the leveraged borrowing.
The lawsuit seeks compensatory and punitive damages of at least $16,203,735, attorneys’ fees, prejudgment interest, and other relief deemed just by the court.
Please contact BlockTribune for access to a copy of this filing.
