Complaint seeks $305,000 and alleges a binding settlement addendum was signed, the repayment obligation was repeatedly confirmed in writing, and multiple payment deadlines passed without payment
United States, 29th Jul 2026 - A civil action is pending in the Delaware Superior Court against Kaisar Limited, a Hong Kong company, its Vietnam affiliate Kaisar Network Co., Ltd., and Kaisar co-founder and chief operating officer Phuong Pham, also known as Pham Van Phuong, individually. The plaintiff is Ian Staley, an early advisor and seed investor in Kaisar Network.
The case is captioned Staley v. Kaisar Limited, et al., C.A. No. N26C-01-289.
The complaint pleads breach of contract, fraudulent inducement and promissory estoppel, and seeks $305,000 in total damages. At its center is a binding settlement addendum executed on July 22, 2025, under which Kaisar agreed that if it did not complete its token generation event by October 30, 2025, it would refund Staley's $100,000 principal plus five percent interest, a total of $105,000, no later than November 15, 2025. The addendum is governed by Delaware law and specifies Delaware courts as the exclusive forum. Pham signed it on Kaisar's behalf.
The token generation event did not occur. According to the complaint, no payment has been made.
The complaint further alleges a sequence of written commitments that were not honored. In late October 2025, Kaisar's chief operating officer confirmed in writing that the full $105,000 would be paid by the November 15 deadline. On November 1, 2025, he stated the payment would instead be made within approximately two months. In December 2025, across three separate emails, he committed personally to paying $110,000, representing principal plus $10,000 in interest, no later than February 20, 2026. That date passed more than five months ago.
The complaint also alleges that Kaisar acknowledged in writing that funds were available and were directed to other purposes, including hardware procurement, infrastructure contracts and marketing ahead of a planned exchange listing, rather than to the refund obligation. Staley alleges those admissions establish that the non-payment was a choice rather than an inability to pay, and pleads them in support of his fraudulent inducement and punitive damages claims.
All three defendants are located outside the United States. Hague Service Convention requests have been submitted for processing through the designated authorities in Vietnam and Hong Kong. The filed materials do not state that service has been completed.
"Kaisar's co-founders and acting executives, including Phuong Pham and Vu Le, made repeated written representations concerning the token generation event and repayment. Those representations were not fulfilled, and the defendants did not honor the signed repayment agreement. After extensive efforts to resolve the matter directly, I had no reasonable alternative but to pursue my legal claims," said Staley.
The allegations described above are claims made in a filed complaint and have not been adjudicated. The defendants are entitled to respond to the allegations through the court process.
Court filings are available through the Delaware Superior Court under C.A. No. N26C-01-289.
Contact
Ian Staley, Plaintiff
ian.t.staley@gmail.com
Media Contact
Organization: Ian Staley
Contact Person: Ian Staley
Website: https://www.kaisar.io
Email: Send Email
Country:United States
Release id:47671
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