Bitquery Co-Founder Accused of Embezzling Over $5 Million from Company and Deleting Evidence

TechFlow reports, August 1, according to the New York Post, blockchain data company Bitquery co-founder Dionysios (Dean) Karakitsos was accused of misappropriating over $5 million from the company and deleting 194 expense records before leaving.

The report states that the relevant lawsuit has been filed with the New York Manhattan Supreme Court. Karakitsos previously served as Bitquery co-founder and served as the company's CEO, Director, and Treasurer prior to 2025. The lawsuit states that he continuously transferred company funds into personal accounts over the years.

The report states that Karakitsos subsequently operated the prediction market platform Assymetrix. Bitquery filed a lawsuit in June this year, requiring him to return at least $5 million allegedly misappropriated, and seeking additional compensation to cover legal fees.