Cryptic 'token incentive plan' at heart of Lightnet's dispute with former staff

Singapore

FORMER employees of a fintech startup, co-founded by a Thai tycoon, are alleging that a key piece of document used by the company to discredit the ex-employees' claims in a crypto token lawsuit in fact never existed at all.

The startup Lightnet had said in its defence filed in January that the token grants in the ex-staff's employment and consultancy agreements were subject to the company's "Velo Token Incentive Plan (VTIP)". VELO is a utility token ostensibly used in a digital ecosystem of money transfers, though its value has been sinking for months.