Former Bitquery CEO Allegedly Misappropriated $5 Million and Deleted Financial Records

TechFlow news, August 02: According to The Times of India, cryptocurrency data company Bitquery filed a lawsuit in the New York Manhattan Supreme Court, accusing its former CEO and co-founder Dionysios "Dean" Karakitsos of transferring over $5 million to his own and related parties' accounts since 2022 by using exclusive control over the company's financial accounts. Before resigning in October 2025, Karakitsos allegedly deleted 194 expense and bill records in the QuickBooks system and tampered with other financial data to cover up the transfer activities. Additionally, he was accused of falsely reporting company account balances to investors as $5 million to $6 million, while the company's actual annual revenue was only about $2 million. Currently, Karakitsos denies the above allegations, and the company has appointed co-founder Aleksey Studnev as the new CEO.