Of course he had no right to "use it for whatever he wanted to" since he raised the money promising it would be used for a specific purpose. The fact that he could TECHNICALLY do whatever he wants doesn't mean that he had the right to.

A well intentioned Theymos would have refunded since that mission was well covered by a fraction of the money. Or ask the community what to do instead.

Instead, he chose to spend YEARS (LITERALLY YEARS DO YOU EVEN) developing a completely pointless brand spanking new platform that serves no real purpose.

This is textbook embezzlement, except of course no contract was signed and the only law Theymos has to abide to is human morality. I'll let you be the judge of that case.

Even if he was 100% honest and did not use the funds for any personal enrichment, any employee would be immediately fired for taking that much money and spending that much time to end up with this result, something entirely pointless that could have been done without reinventing the wheel.

AT BEST, this is a case of gross mismanagement.

The best part is that this piece of software has never been tested in a real word environment. Wait until it gets some use and some bored pentesters start poking around. It's already a liability.