{"id":31215,"date":"2020-11-03T19:58:42","date_gmt":"2020-11-03T17:58:42","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=31215"},"modified":"2025-08-28T02:33:48","modified_gmt":"2025-08-27T23:33:48","slug":"layer1-cofounder-challenges-ownership-of-20-million-power-plant","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/layer1-cofounder-challenges-ownership-of-20-million-power-plant\/","title":{"rendered":"Layer1 cofounder challenges ownership of $20 million power plant"},"content":{"rendered":"<p>Layer1 cofounder and former president Yakov Dolich filed a motion to enjoin the sale by the company of a $20 million power plant and to have himself declared its owner.<!--more--><\/p>\n<p>The Western District Court of Texas ruled in Dolich&#8217;s favor in the absence of Layer1 representatives.<\/p>\n<p style=\"margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;\"><a style=\"text-decoration: underline;\" title=\"View Dolic v s Layer1 on Scribd\" href=\"https:\/\/www.scribd.com\/document\/482725975\/Dolic-v-s-Layer1#from_embed\">Dolic v s Layer1<\/a> by <a style=\"text-decoration: underline;\" title=\"View ForkLog's profile on Scribd\" href=\"https:\/\/www.scribd.com\/user\/456422024\/ForkLog#from_embed\">ForkLog<\/a> on Scribd<\/p>\n<p><iframe loading=\"lazy\" id=\"doc_31440\" class=\"scribd_iframe_embed\" title=\"Dolic v s Layer1\" src=\"https:\/\/www.scribd.com\/embeds\/482725975\/content?start_page=1&#038;view_mode=scroll&#038;access_key=key-InKaWCjqQryKd6mmVMGM\" width=\"100%\" height=\"600\" frameborder=\"0\" scrolling=\"no\" data-auto-height=\"false\" data-aspect-ratio=\"0.7729220222793488\"><\/iframe><\/p>\n<p>In an interview with The Block, Dolich&#8217;s former partner and current Layer1 CEO Alex Ligl stated that the claims are based on inaccurate and false statements. The company does not plan to sell the disputed asset.<\/p>\n<p>Dolich founded Layer1 together with Ivan Kirillov and Alex Ligl in June 2019. The latter took on the role of chief executive officer.<\/p>\n<p>According to Dolich&#8217;s statement, Ligl expressed confidence that he could secure &#8220;significant funding&#8221; of $50 million from venture investors. The funds were to be used to purchase a 100 MW substation on a 30-acre site for deploying a mining business.<\/p>\n<p>Facing difficulties attracting investors, they agreed that Dolich would finance the purchase from his own funds. After the fundraising was completed, he would have the opportunity to reimburse the expenses.<\/p>\n<p>The document notes that in July 2019 Dolich wired $16 million to Hodl Ranch&#8217;s account, and in October another $7 million for additional capacities of 50 MW. Layer1 was the buyer in the deal.<\/p>\n<p>Dolich claims that in 2019-2020 Ligl failed to raise funds from venture investors and he continued transferring money \u2014 totaling $6.4 million over this period.<\/p>\n<blockquote>\n<p>&#8220;Apart from Dolich&#8217;s contributions, Layer1 had no other sources of income or capital. According to available information, Ligl never invested his own funds and did not attract any investments,&#8221; is mentioned in the motion.<\/p>\n<\/blockquote>\n<p>In October 2019, media citing an investor presentation reported that Layer1 raised $50 million in a financing round with the participation of PayPal cofounder Peter Thiel and the Winklevoss brothers.<\/p>\n<p>According to BnkToTheFuture, by January 2020 the company had raised a total of $41.39 million in investments.<\/p>\n<p>According to Dolich, since September he began suspecting Ligl of misappropriating funds. Specifically, he found that his partner was paying himself &#8220;significant consulting fees&#8221; without his knowledge and approval.<\/p>\n<p>As a result of the dispute, Dolich was barred from access to information across all aspects of Layer1&#8217;s operations. His 75% stake in the company was &#8220;confiscated&#8221;.<\/p>\n<p>Dolich says that after his departure the company faced a severe liquidity crunch. He says that to address the problems Ligl decided to put the Texas substation up for sale at a discounted price even before Dolich could challenge the deal.<\/p>\n<p>Earlier ForkLog <a href=\"https:\/\/u1f987.com\/en\/news\/texas-based-layer1-accused-of-misleading-investors\">wrote<\/a> that Layer1 was accused of deceiving investors.<\/p>\n<p>In August the company <a href=\"https:\/\/u1f987.com\/en\/news\/layer1-a-mining-company-accused-of-patent-infringement\">was accused<\/a> of patent infringement.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forkloglive\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog FEED<\/a> \u2014 full feed of news, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Layer1 cofounder and former president Yakov Dolich filed a motion to enjoin the sale by the company of a $20 million power plant and declare himself its owner.<\/p>\n","protected":false},"author":1,"featured_media":31216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,1137,1882,26],"class_list":["post-31215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-cryptocurrency-mining","tag-layer-1","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/31215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=31215"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/31215\/revisions"}],"predecessor-version":[{"id":31217,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/31215\/revisions\/31217"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/31216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=31215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=31215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=31215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}