Crypto company CEO stole $5M from his own company, erased 194 records and resigned
The former CEO of crypto data firm Bitquery is being sued for allegedly embezzling $5 million and deleting financial records to cover his tracks. The lawsuit claims he maintained sole control over accounts and misled investors about the company's financial health.
Why it matters
This case highlights the risks of financial mismanagement and lack of oversight in the cryptocurrency and fintech startup sectors.
CEO and co-founder of cryptocurrency data company Bitquery has been accused of stealing more than $5 million from the business before deleting nearly 200 financial records and abruptly resigning. Dionysios “Dean” Karakitsos, 57, allegedly transferred company funds to accounts linked to himself and his associates over several years, according to a lawsuit filed by Bitquery in Manhattan Supreme Court. The lawsuit further claims Karakitsos, who left the company in October 2025, allegedly deleted 194 expense and bill records from its accounting system.Bitquery lawsuit alleges CEO transferred company funds to personal accountsAccording to the lawsuit, the alleged scheme began around 2022, when investors put about $8 million into Bitquery. The company tracks cryptocurrency prices, transactions and flows. Karakitsos allegedly had sole control over Bitquery’s financial accounts.
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