AI Firm Giga Blackmailed for $3M Crypto Over Stolen Data; CEO Denies Ex-Staff Claims

• Indian-origin CEO Varun Vummadi's AI firm Giga faces a $3 million crypto extortion attempt using stolen confidential company data.
• Threat actors demand payment to prevent release of "twisted" data snippets and "defamatory allegations."
• Former employee Jared Steele accused Giga of unethical practices, inflated revenues, and a toxic work culture.
• Giga strongly denies all accusations, calling them "wildly false and defamatory," and reported the extortion to law enforcement.
• The incident follows Giga's recent $61 million Series A funding round in November 2025, with founders making significant personal sacrifices.

Why It Matters: AI firm Giga battles $3M crypto extortion and ex-employee claims, denying all allegations and involving law enforcement.