Former Bitcoin.com CEO Sues Oracle Over $37.5M Allegedly Unpaid Tokens

Nearly 98% of BRG trading was reportedly on one exchange — a startling concentration that raises immediate red flags for traders and regulators alike.

Mate Tokay, the co-founder and former CEO of Bitcoin.com, filed a lawsuit alleging that Bridge Oracle and founder Sina Estavi failed to pay 37.5 million Bridge Token (BRG) promised for advisory work.

At cited prices, the tokens were worth about $525,000, and Tokay says Bridge used his name to boost recognition during an $8 million initial exchange offering. He claims Bridge later offered a much smaller sum and that other advisors saw similar treatment.

Market context shows BRG slipped from $0.019 to $0.017 in 24 hours, yet remained up over 200% in the prior 30 days. CoinMarketCap listed BRG near rank 231 with ~ $141 million market cap while CoinGecko lacked circulating supply data. Tokay warned of inaccurate circulating supply reporting and potential pump-and-dump risk.

Key Takeaways

• Mate Tokay initiated a lawsuit over 37.5 million BRG he says were unpaid.
• The cited token value was about $525,000 at the time of reporting.
• BRG showed heavy volume concentration and short-term volatility.
• Data aggregators gave mixed signals on BRG’s market metrics.
• Tokay warned of possible tokenomics issues and manipulation risks.
• Bridge did not respond to requests for comment for this report.

Key facts of the lawsuit and who’s involved

Legal action now targets a Tron oracle platform amid claims of broken compensation commitments. The plaintiff is Mate Tokay, co‑founder and former CEO of Bitcoin.com, who served as an advisor to Bridge Oracle.

Mate Tokay vs. Bridge Oracle and Sina Estavi

Tokay alleges he was promised 37.5 million BRG tokens as payment for advisory services. He says those tokens were used to help promote Bridge’s $8 million initial exchange offering.

The defendants named are Bridge Oracle, a Tron‑based oracle platform, and its founder, Sina Estavi. Tokay claims Estavi later offered a substantially smaller sum than the contract required.

• Alleged agreement: 37.5 million BRG due for advisory work.
• Promotion: Tokay’s name used to boost visibility during the IEO.
• Breach claim: a reduced payment offered after the IEO.
• Pattern: other advisors reportedly experienced similar shortfalls.

Tokay says he informed market leaders, price aggregators, and exchanges about supply discrepancies to protect investors. This civil action alleges nonpayment and misleading token disclosures in the broader crypto ecosystem.

former-bitcoin-com-ceo-sues-oracle-over-37-5m-allegedly-unpaid-tokens: allegations, contract terms, and token specifics

The lawsuit frames a broken compensation promise tied to an advisory role during Bridge’s token sale.

Advisory role and alleged nonpayment. Tokay says his advisor contract specified 37.5 million BRG as payment for services. He contends he never received that allocation despite public promotion.

Promotional linkage during the IEO. According to the filing, Bridge highlighted Tokay’s involvement to boost credibility during an $8 million initial exchange offering. That visibility can sway investor interest in token sales.

• Disputed amount: 37.5 million BRG, cited as roughly $525,000 at referenced prices.
• Renegotiation claim: Estavi allegedly offered a much smaller settlement than the contract called for.
• Supply transparency: Tokay notified aggregators and exchanges about inaccurate circulating supply data.
• Market risk: He warned the discrepancies could enable pump-and-dump tactics and called the conduct possible market manipulation.

“Inaccurate supply data harms price discovery and investor protection,” the complaint states.

Market and crypto context: BRG price action, rankings, and data discrepancies

Legal headlines coincided with a modest pullback as traders digested the news. In the 24-hour window, BRG slid from $0.019 to $0.017, an immediate reaction that reflects sentiment shifts in a fast-moving crypto market.

Price movement and liquidity concentration

More than 97% of reported trading volume occurred on a single exchange. That concentration can magnify slippage and widen spreads, making the token more vulnerable to sharp moves when large orders hit the book.

Rankings, capitalization and data gaps

CoinMarketCap placed BRG near rank 231 with an estimated market capitalization of about $141 million. CoinGecko, however, did not show circulating supply or market cap data, creating a visibility gap for analysts.

• Short-term: $0.019 → $0.017 in 24 hours amid headlines.
• Concentration risk: over 97% volume on one venue.
• Aggregator disparity: CoinMarketCap shows size; CoinGecko lacks supply data.
• Medium-term: BRG rose over 200% in the prior 30 days, showing momentum can run independently of news cycles.

Verified circulating supply mattersbecause it anchors valuation and helps prevent distorted pricing. Investors should weigh both liquidity conditions and data consistency when assessing token risk.

Conclusion

The dispute highlights how adviser agreements and token disclosures can shape investor risk in fast-moving markets.

The complaint alleges nonpayment of 37.5 million BRG and says Tokay’s name was used to promote Bridge’s $8 million IEO. Reporters note a 24‑hour dip from $0.019 to $0.017 and more than 97% of volume on one exchange, while CoinMarketCap lists BRG near 231 with about $141 million in market cap and CoinGecko lacks supply data.

Takeaway: verify circulating supply, review advisor contracts, and check multiple data sources before acting. Strong due diligence matters when tokenomics, liquidity, and legal uncertainty collide.