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The dispute with $BNB treasury firm CEA Industries has escalated its conflict with **YZi Labs, which filed the “explosive” lawsuit against the company now known as BNC and its director, Hans Thomas Thomas, about the ‘explosion’ suit by investor Abraham Gomez. ****
When Gomez went to their offices, the lawsuit claimed that the company operated in a “operational vacuum” with no executives, operations or ‘an effective website’.
This filed February 28 lawsuit reflects similar governance failures that YZi Labs had suffered for months in its own battle to control BNC’s 515,054 $BNB treasury from 10X Capital Asset Management.
YZi Labs’ Investment Partner Alex Odagiu said ‘When an investor visits a Nasdanq-listed business and finds ’Potemkin village’ with no management, zero operations and not even. Now, YZi Labs is no longer the only voice calling for accountability. Paraphrasingr ’It is.
In a power struggle that has been growing since December 1, months, YZi Labs is pulling the lawsuit string in ‘the $500 million private placement which turned CEA from nite vape manufacturer into “the world’s largest corporate treasury of $BNB’. Paraphrast.
BNC office was a hollow shell with no basic infrastructure
The lawsuit claimed that Mr. had made an initial investment and the suit accused him of making it after investing in his first money. Gomez went to BNC’s offices to see what was going on the ground with . Rather than find an operational, Nasdaq-listed business, he found the company in a state of near “operational vacuum” instead. ” , ‘I’m sure it is worth reading.
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The visit allegedly involved BNC operating without an CFO, CEO, operations/marketing teams (a registered domain name), or a website at the time of the visit. There was apparently no investor relations or public relationships between them, and they did not have any public relations going on either.
allegedly BNC, Thomas and Thomas failed to follow through with promises after using the investor’s money, resources and credibility to support the company’. , ” and.
BNC finally appointed Brent Miller as the CFO on March 9, 2026, after more than 21 months of running without a CFC (even after closing PIPE for $500 million) at August 5t 225.
YZi Labs’ statement said ‘The news of Brent Miller’s appointment as CFO is too late, saying “It is deeply worrying that the company went more than 21 months without a formal appointed CFC”. Paraphrasingr ’It is.
The YZi Labs is not punching the punches for a public company who signed X Capital’s 20-year asset management deal to manage BNB treasury worth about $500 million when signing, but it does not attack the lack of basic corporate infrastructure.
How did the entire saga happen?
The statement filed by YZi Labs on February 18, accused 10X Capital, as well as its founding partner/member of the BNC board of directors Hans Thomas (who has not disclosed that their beneficial ownership of BND was in violation of sections 13(d) and 16(a) of Exchange Act.
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The management of 10X Capital was also claiming to abandon its $BNB commitment for Solana, which was summarily denied by YZi Labs and is in line with the agreement that it had been signed.
YZi found evidence that 10X was owned by over 5% later in February, suggesting there is a shadow group. Hans Thomas finally caved in and filed Form 3, the SEC ownership disclosure for directors under increasing pressure, but YZi described the filing as “not a cure but an admission of systematically failing BNC’s internal controls”.
YZi calls for special committee, AMA termination
YZi Labs laid out three demands in their most recent statement for the board to address immediately.
They called for a public response to first, which was in fact what the corporate infrastructure is actually at BNC, and how did ‘a publicly owned company operated so effectively?
Second, YZi Labs called for BNC to form an independent committee to investigate allegations that Thomas and the company used investor money under false pretenses.
Finally, they demanded that the 20-year asset management agreement with 10X Capital be terminated.
The battle continues with weekly press releases, each round bringing new allegations that BNC’s current board is compromised and serving 10X Capital’ interests over the shareholders of other shareholders.
Thanks for reading YZi Labs ups ante in BNB treasury power struggle with CEA Industries
