Bitquery co-founder accused of embezzling $5 million and deleting records before departing

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Bitquery co-founder Dionysios 'Dean' Karakitsos is accused of embezzling over $5 million and deleting 194 expense records before departing. The company filed the lawsuit in Manhattan’s Supreme Court, seeking at least $5 million in recovered funds. Karakitsos, who held senior roles until 2025, is alleged to have diverted funds into personal accounts. The case has attracted attention from regulators focused on CFT (Countering the Financing of Terrorism), liquidity, and oversight of crypto markets. He later founded the prediction market platform Assymetrix.

ChainThink reports that on August 1, according to the New York Post, Dionysios "Dean" Karakitsos, co-founder of Bitquery, was accused of embezzling over $5 million from the company and deleting 194 fee records before his departure.

Related litigation has been filed in the New York Supreme Court, Manhattan. Karakitsos, 57, who served as CEO, director, and financial officer of Bitquery until 2025, is accused of repeatedly transferring company funds into his personal accounts over many years.

Bitquery filed a lawsuit in June seeking the return of at least $5 million in allegedly stolen funds and additional damages to cover legal expenses. Karakitsos later operated the prediction market platform Assymetrix.

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