The mother of the late Ondo Finance founder, Kathleen Allman, has filed a lawsuit in Delaware Court of Chancery to remove current CEO Ian De Bode and gain control of the firm. Nathan Allman, who died on May 25, was the majority voting shareholder at the time of his death, with control passing to his estate represented by his mother. On July 24, she convened a board meeting to remove De Bode and appoint herself as interim CEO, which De Bode called « meritless » and « regretful. » The ONDO token fell approximately 9% in 48 hours as over 10 million tokens, some from project team wallets, hit exchanges, suggesting prior knowledge of the lawsuit. Ondo Finance, founded in 2021 and backed by Coinbase, Wintermute, Tiger Global, and Founders Fund, faces an uncertain future amid this succession battle.
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