15-5-2025 – Jonathan Mills, the mastermind behind the Hashling NFT project, faces grave accusations from a group of investors who claim he siphoned off millions in profits for personal gain. A court filing dated 14 May lays bare the plaintiffs’ allegations: Mills, they assert, orchestrated a web of deceit, funnelling assets from both the Hashling NFT venture and a linked Bitcoin mining operation into a holding entity, Satoshi Labs LLC—previously known as Proof of Work Labs LLC—where he reigns as founder and chief executive. The investors, now suing for fraud and breach of fiduciary duty, contend that Mills dangled promises of equity returns that never materialised, leaving them empty-handed.
The plaintiffs paint a vivid picture of betrayal. They allege that their collective investment of $1.46 million, raised through two NFT drops on the Solana and Bitcoin blockchains, yielded no dividends. Instead, they claim Mills grew evasive, dodging their inquiries soon after securing their funds. To bolster his alleged ruse, he crafted a shareholder agreement—described as shoddily constructed and riddled with inconsistencies—that falsely positioned Satoshi Labs as the controller of the project’s assets. This document, the investors argue, was a cornerstone of Mills’ deception, granting him a commanding 67% equity stake in Proof of Work Labs while limiting other investors, who each contributed up to $20,000, to a mere 2% share. Mills, they add, further entrenched his dominance with a 67% voting stake, dwarfing the influence of any other partner.
The origins of the Hashling NFT project trace back to a collaboration between Mills and Dustin Steerman, one of the plaintiffs, who had previously worked with the entrepreneur. Despite Mills’ candid admission of his limited funds and inexperience in the NFT realm, Steerman and others were drawn in by his zeal to forge ahead. To propel the venture, the duo enlisted additional investors—now co-plaintiffs—who brought expertise in NFT artistry, social media strategy, and event appearances at high-profile NFT conferences in New York. The plaintiffs also note that Mills roped in his girlfriend to play a role in the project, though specifics remain sparse.
Beyond the charges of fraud and fiduciary betrayal, the investors are seeking a robust remedy: a constructive trust to safeguard the project’s assets and full legal restitution to recoup their losses. They further allege that Mills misdirected at least $3 million from the Bitcoin mining venture into Satoshi Labs, compounding their grievances. Efforts to obtain a response from Mills have so far proved fruitless, leaving the accused silent as the legal storm brews.
