A former CEO of crypto data firm Bitquery is accused of siphoning more than $5 million from the company and deleting nearly 200 expense records. The allegations are laid out in a civil lawsuit now moving through Manhattan Supreme Court.
According to New York Post, the June lawsuit names 57-year-old Dionysios “Dean” Karakitsos, who co-founded Bitquery and served as its CEO, director and treasurer until 2025. The complaint alleges he moved company money into personal accounts and entities tied to him and associates while telling investors Bitquery had between $5 million and $6 million in the bank.
The suit further alleges Karakitsos changed records to conceal transfers and deleted 194 Bitquery expense entries and bill records from QuickBooks. Bitquery is seeking at least $5 million, a full accounting, property allegedly purchased with the funds, additional damages and the company’s banking credentials.
Bitquery’s Founder Fight Centers On Company Accounts
Bitquery’s own site describes the company as a provider of blockchain data analytics, cross-chain insights and decentralized-finance APIs. The page now lists co-founder Aleksey Studnev as CEO, underscoring the leadership change at the center of the dispute.
Karakitsos’ LinkedIn profile says he went on to run Assymetrix, a prediction-market platform focused on aggregating data from venues including Polymarket and Kalshi. That new venture gives the lawsuit an unusual backdrop: a former crypto-data executive is now building another business whose pitch depends heavily on trustworthy information.
Karakitsos Denies The Allegations
Karakitsos told New York Post that he strongly disagrees with the accusations and intends to respond through the legal process. Bitquery CEO Robert Lynch said the former chief’s alleged conduct forced the company to take legal action and described Bitquery as a strong company with a new CEO and excellent potential.
Why The Case Matters Legally
The New York Courts identifies New York County Supreme Court’s Civil Term as the venue for higher-dollar civil disputes. For now, the case is a civil fight rather than a criminal conviction, and the accusations remain unproven while the parties battle over money, records and access to Bitquery’s accounts.
