MyEtherWallet Co-founders Feud Over Access To Financial Records

February 10, 2018 5:18 AM

The MyEtherWallet (MEW) saga continues to grow. ETHNews has learned that as of December 14, 2017, a legal dispute exists between co-founders Kosala Hemachandra and Taylor Monahan.

In December, Hemachandra petitioned the Court to direct Monahan and MEW to allow for the inspection and copying of “all books, records, and financial documents of MEW.” This appears to have been part of a buyout agreement, which may have fallen through.

At least as early as October 2017, Hemachandra offered to purchase Monahan’s stake in the company for $1 million.

Emails from Hemachandra’s attorneys to Monahan’s shed light on the proposed deal. On October 5, Hemachandra’s attorney, William Yen, wrote, “It seems unlikely that our clients will come to an agreement that would allow MEW to exist with both of them as equal owners.”

An October 10 followup from attorney Mina Kim, also counsel to Hemachandra, addressed the offer:

“As we discussed this afternoon on the phone, our office will work on drafting the membership purchase agreement for our client to purchase your client’s interest in MEW for $1 million.”

Public records show that a hearing date is set for March 27, 2018. ETHNews will continue to provide details as they become available.

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. He is a full time staff writer for ETHNews and holds value in Ether.

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