Two Ex-Workers of Citadel Securities Who Left to Start Their Own Crypto Company Are Being Sued by the Company


After leaving to start their own bitcoin market-making business, Citadel Securities is now suing two of its former workers.

According to Bloomberg News, one of the world’s leading market makers says that former Citadel employees Leonard Lancia and Alex Casimo began gathering cash and constructing the trading business Portofino Technologies while still employed there and had access to confidential company data.

According to the news source, Citadel wants a trial to ascertain the total amount of monetary losses and possible reparations.

According to Bloomberg, Citadel Securities stated in an internal inquiry that it discovered texts and a pitch deck from Portofino’s early fundraising attempts, months before Lancia and Casimo announced they were leaving the business.

The firm calls itself a “crypto native technology start-up” on LinkedIn, and it has over thirty-five workers in five different countries.

Over 1,600 people work at Citadel, which was formed in 2001 by billionaire Ken Gryphon and has offices in Chicago and Miami.

As a market maker, the corporation provides liquidity by buying and selling securities on its own account. “For investors looking to make a rapid purchase or significant sale, market makers facilitate these transactions. “They provide market liquidity and depth,” Citadel boasts on its website. Market makers ensure the continued stability of the market by providing liquidity and depth during periods of high uncertainty.

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