Jump Trading sues ex-engineer for $3M IP theft
Jump Trading has initiated a lawsuit against former software engineer Liam Heeger, alleging he misappropriated the company's intellectual property to establish a competing blockchain firm.
The complaint, filed in a Chicago federal court on January 21, asserts that Heeger violated his non-compete agreement by launching Unto Labs, a venture focused on developing a next-generation layer-1 blockchain.
Jump claims Heeger was instrumental in the development of Firedancer, a significant blockchain project at the firm, where he worked until his resignation on November 11, 2024.
In a social media post, Heeger announced his departure from Firedancer to pursue his new startup.
Jump alleges that during his tenure, Heeger had access to sensitive proprietary information, including business strategies and unreleased codebases.
The firm emphasised that its profitability in the blockchain sector hinges on safeguarding its intellectual property.
“Jump’s ability to run its business profitably in the blockchain space depends on its ability to keep its intellectual property confidential,” the company stated.
According to Jump, Heeger secured $3 million in funding for Unto Labs at a valuation of $50 million within just one month of leaving the company.
The lawsuit claims he engaged with venture capital firms at the Breakpoint conference in Singapore while still employed at Jump.
Heeger reportedly informed a former colleague that he would no longer adhere to the non-compete agreement due to his relocation to California, where laws differ from Illinois.
Jump is seeking enforcement of the non-compete terms for two years and an order for Heeger to return any proprietary information he may possess.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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