Citadel Voluntarily Dismisses U.S. Trade Secret Lawsuit Against Portofino

Official Statement

London, 14 July 2026

Citadel Securities has voluntarily dismissed all of its trade secret claims against Portofino Technologies with prejudice, bringing the U.S. proceedings to a final close. A dismissal with prejudice means those claims cannot be brought again.

David Slarskey, U.S. counsel for Portofino Technologies said:

"Citadel voluntarily dismissed its trade secret claims with prejudice because it never had a good-faith basis to assert a theft of trade secrets."

The dismissal represents the final resolution of the U.S. action in Portofino's favor. Throughout more than three years of litigation, Portofino consistently denied Citadel's allegations of trade secret misappropriation and related claims. Citadel voluntarily dismissed those claims with prejudice without any recovery against Portofino.

The U.S. proceedings formed part of a broader series of actions initiated by Citadel following the departure of former employees who later founded Portofino.

Commenting on the conclusion of the case, Hugues de Braucourt, Board Member of Portofino Technologies, said:

"The conclusion of the U.S. proceedings marks an important milestone for Portofino. While we remain confident that the company would have prevailed on the merits, we are pleased to put this chapter behind us and remain focused on serving our clients, supporting our partners and continuing to grow the company. Despite years of litigation, Portofino has continued to innovate, expand its business and earn the trust of clients and partners around the world. The Board looks forward to supporting the next phase of the company's development."

Since its founding in 2021, Portofino Technologies has grown into a leading institutional digital asset firm providing market making, OTC trading and treasury management services to token issuers, exchanges and institutional market participants globally.

Portofino will continue to focus on developing its technology, strengthening its partnerships and supporting more resilient and efficient digital asset markets.

‍

About Portofino Technologies

Founded in 2021, Portofino Technologies is a crypto-native technology company building institutional market infrastructure for digital assets. The company partners with token issuers, exchanges and institutional investors worldwide, delivering technology-driven liquidity and trading solutions across global digital asset markets.

‍

Media enquiries

contact@portofino.tech

‍