In December 2013, LifeLock acquired for USD 42.6 million all the ongoing businesses, including existing intellectual and physical property, of a digital wallet company called Lemon, which was led by Xapo.
In the complaint, LifeLock explained that the work product and the source code of the Xapo Wallet belonged to Lemon at the time of acquisition and that Lemon continued their development after the merger.
Xapo was launched on March 13, 2014, with investments totaling USD 20 million from Ribbit Capital, Benchmark and Fortress.
Following the report, Lemon began its investigation and forensically analyzed all Lemon computers and servers. Lemon claimed that the evidence from the investigation proves that employees had secretly developed Lemon’s Bitcoin technology on Lemon computers during Lemon-paid business hours. The covertly developed Bitcoin technology was branded as Xapo and launched six weeks after the acquisition of Lemon.
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