Bitquery Ex-CEO Accused of $5M Embezzlement and Deleting 194 Records

Former Bitquery CEO Dionysios Karakitsos faces Manhattan lawsuit alleging $5M theft, misleading investors, and deleting 194 financial records to conceal transactions before resignation.

Woofun AI reports that Bitquery has filed a lawsuit in Manhattan’s Supreme Court against co-founder and former CEO Dionysios 「Dean」 Karakitsos, 57, accusing him of embezzling over $5 million. The complaint alleges that Karakitsos, who held sole control over financial accounts, diverted funds into personal and associate accounts starting around 2022, while providing investors with false statements regarding bank balances.

The suit claims Karakitsos attempted to conceal these activities by deleting 194 expense and billing records from QuickBooks and altering other documents prior to his resignation in October 2025. Bitquery seeks the return of stolen funds, bank credentials, and asset lists, while Karakitsos denies the allegations. Co-founder Aleksey Studnev has been appointed as the new CEO.