• Balance CEO Ric Burton has opened legal action against Uniswap founder Hayden Adams, claiming he was betrayed after investing time and money in supporting Adams to take Uniswap to market.
• Burton had helped Adams get Uniswap off the ground by offering studio space and other resources in the Spring of 2018.
• In March 2019, Burton discovered that Adams had raised over $1 million without including him in the round as repayment for his help.
Balance CEO Alleges Betrayal at Hands of Uniswap Founder
Balance CEO Ric Burton has opened legal action against Uniswap founder Hayden Adams, alleging betrayal at hands of someone he once considered one of his “closest friends”.
Burton Helps Get Uniswap Off The Ground
In the Spring of 2018, Burton began hosting events and providing promising developers with resources such as studio space and money. Of all the developers, it was Adams’ unwavering enthusiasm for Uniswap which stood out above the rest.
United by their goal of making “Ethereum magical for people”, the pair quickly became close — supporting each other through their respective struggles to make it.
Realizing the potential ofAdams‘ protocol, Ethereum Foundation soon came knocking and investment firm Paradigm got on board.
Adams Goes AWOL
Before this monumental step forward could be taken though, Adams told Burton he intended to include him in the round as repayment for his help. Believing his word, Burton trusted him but when personal difficulties struck in March 2019 — including being asked to leave Balance by a co-founder — he discovered that Adams had raised over $1 million without any mention of repaying him.
Burton’s Legal Action
Having invested time , friendship , and an unspecified sum of money into assisting Adams launch Uniswap , Burton said he feels heartbroken and sad that his efforts were never repaid . He is now seeking legal action against Hayes for what he believes is a breach of trust .
The story illustrates how difficult it can be to trust someone you believed was your friend . It also highlights how important it is to protect yourself legally when entering business partnerships .