{"id":78912,"date":"2023-05-18T10:04:12","date_gmt":"2023-05-18T07:04:12","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=78912"},"modified":"2025-09-11T08:05:11","modified_gmt":"2025-09-11T05:05:11","slug":"citadel-securities-accuses-crypto-startup-of-misappropriating-trade-secrets","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/citadel-securities-accuses-crypto-startup-of-misappropriating-trade-secrets\/","title":{"rendered":"Citadel Securities accuses crypto startup of misappropriating trade secrets"},"content":{"rendered":"<p>Citadel Securities filed suit against Portofino Technologies. One of the world&#8217;s largest market makers alleges that the firm&#8217;s founders, acting through its former employees, misappropriated trade secrets, <a href=\\\"https:\/\/www.theblock.co\/post\/231206\/citadel-employees-secrets-lawsuit-crypto\\\">The Block<\/a>.<\/p>\n<p>\\n\\n<\/p>\n<p>According to the filing, Leonard Lancia and Alex Kazimo reportedly gained access to the company\u2019s confidential information nearly six months before they began seeking funding and launching their business.<\/p>\n<p>\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>\u201cPortofino Technologies intended to use our know-how to replicate Citadel\u2019s business,\u201d<\/em> the suit states.<\/p>\n<\/blockquote>\n<p>\\n\\n<\/p>\n<p>The market maker seeks damages.<\/p>\n<p>\\n\\n<\/p>\n<p>Portofino Technologies described the plaintiff\u2019s actions as a classic example of \u201ccorporate harassment.\u201d<\/p>\n<p>\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>\u201cThe suit is the latest step in Citadel\u2019s campaign against our legitimate business. This is undignified and anti-competitive [\u2026]. We strongly deny the allegations made against us,\u201d<\/em> said its representative.<\/p>\n<\/blockquote>\n<p>\\n\\n<\/p>\n<p>In September 2022 Portofino Technologies<a href=\\\"https:\/\/www.theblock.co\/post\/170285\/ex-citadel-securities-employees-raise-50-million-for-crypto-market-maker-portofino-technologies\\\"> raised $50 million<\/a> from Valar Ventures, Global Founders Capital, Coatue and other investors.<\/p>\n<p>\\n\\n<\/p>\n<p>The company says it has developed high-frequency trading technology for digital assets. Trading volume amounted to billions of dollars on the <span data-descr=\\\"centralized platforms\\\" class=\\\"old_tooltip\\\">CEX<\/span>, <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-decentralised-exchange-dex\">DEX<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/what-is-otc-trading-2\">OTC<\/a>.<\/p>\n<p>\\n\\n<\/p>\n<p>Earlier in September 2022, Citadel Securities, Charles Schwab and Fidelity Digital Assets<a href=\"https:\/\/forklog.com\/en\/news\/charles-schwab-citadel-and-fidelity-to-launch-crypto-exchange-edx-markets\"> announced<\/a> the launch of the digital assets exchange EDX Markets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Citadel Securities has filed suit against Portofino Technologies.<\/p>\n","protected":false},"author":1,"featured_media":78913,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2252,1162,1156],"class_list":["post-78912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-citadel","tag-court-cases","tag-institutional-investors-and-whales"],"aioseo_notices":[],"amp_enabled":true,"views":"39","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78912","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=78912"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78912\/revisions"}],"predecessor-version":[{"id":78914,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78912\/revisions\/78914"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/78913"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=78912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=78912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=78912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}