Posts in category

Lawsuit


Josh Garza, the CEO of the now-defunct cryptocurrency mining company GAW Miners, has been sentenced to 21 months in prison after pleading guilty to a wire fraud charge. Garza was given six months home confinement as part of a 3-year probationary period following release. Thursday’s sentencing caps a years-long saga that began in 2014, with …

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Digital media giant YouTube has been named in class action lawsuit tied to the collapse of BitConnect, the cryptocurrency lending platform widely accused of fraud. BitConnect’s shutdown in January – which followed a series of warnings from U.S. investors – triggered a number of investor lawsuits, including one filed in late January in Florida. BitConnect’s …

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Distributed ledger startup Ripple is facing another class-action lawsuit tied to the legal classification of the XRP cryptocurrency. A lawsuit filed in the Superior Court of California (San Mateo County) claims that Ripple “created the XRP token and then used sales of the tokens in order to fund its operations and the development of the XRP …

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An investor who claims they lost money buying and selling the cryptocurrency XRP has filed a class action lawsuit against distributed ledger startup Ripple, alleging that the company violated state and federal securities laws. Ryan Coffey, represented by San Diego attorney James Taylor-Copeland, filed the suit in the San Francisco County Superior Court on Thursday. …

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Craig Wright, the chief scientist of blockchain startup nChain who once claimed to be bitcoin’s pseudonymous creator, has filed a motion in U.S. federal court to dismiss a billion-dollar lawsuit filed against him. As previously reported, Wright is being sued by Ira Kleiman, filed the lawsuit in February on behalf of the estate of his brother, …

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A proposed class action lawsuit has been filed against JPMorgan Chase, alleging that the bank overcharged its credit card customers when they used funds to purchase cryptocurrencies. Brady Tucker, the plaintiff named in the April 10 complaint, said that Chase Bank incorrectly charged him $143.30 in fees and $20.61 in interest stemming from purchases made …

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Chinese e-commerce giant Alibaba has filed suit against the founders of a cryptocurrency named “Alibabacoin,” arguing that the project is infringing on its trademark. The company launched the legal fight on Monday, submitting a complaint through the U.S. District Court for the Southern District of New York. Alibaba said that the defendants misappropriated its brand …

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Cryptocurrency exchange Coinbase has been hit by a class action lawsuit over alleged insider trading during its launch of bitcoin cash. According to a court document dated last Thursday, the case has been brought by Jeffery Berk, representing a group of investors that placed trading orders on Coinbase or its order book trading platform GDAX …

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Coincheck, the Japanese cryptocurrency exchange that saw major losses in a recent hack, is reportedly being hit by another lawsuit demanding refund of cryptocurrency assets. According to Japanese media outlet Sankei, an additional 132 investors have joined a class action suit filed with the Tokyo District Court on Feb. 27 that seeks a refund of …

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Craig Wright, the nChain chief scientist who previously claimed to be the pseudonymous bitcoin creator Satoshi Nakamoto, is being sued for a whopping $10 billion. The lawsuit is being brought by Ira Kleiman on behalf of the estate of his brother, Dave, who has been linked to the earliest days of bitcoin. Kleiman, a forensic …

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Jared Marx is an attorney at the Washington, D.C. law firm Harris, Wiltshire & Grannis. He represents companies and individuals in civil and criminal proceedings.  With the rise and rise of initial coin offerings (ICOs), much attention has been paid to how the U.S. Securities and Exchange Commission (SEC) and federal prosecutors view this innovation. …

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The owner of BitFunder, a long-defunct, bitcoin-denominated stock exchange, has been arrested by the U.S. government. The charges against Jon Montroll, also known as “Ukyo,” were unveiled today by the U.S. Justice Department following an investigation that involved the Federal Bureau of Investigation (FBI) and the Securities and Exchange Commission (SEC). The SEC is pursuing civil …

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The U.S. Securities and Exchange Commission (SEC) has denied a Freedom of Information Request (FOIA) regarding the BitConnect cryptocurrency investment scheme, citing an exemption usually applied to records tied to law enforcement. The FOIA was sent by Florida lawyer David Silver, who though the law firm Silver Miller is representing clients in one of a …

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Yet another lawsuit seeking class-action status has been filed in Florida against BitConnect, constituting the third legal action of its kind to be initiated in the state and the fifth overall in the U.S. Florida residents Andrew Kline, Dusty Showers and Lena Hunt, along with Rhode Island resident Charles Mabra, filed the lawsuit in the U.S. …

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Amid its blockchain and cryptocurrency pivot, cloud-based content delivery network Xunlei has been hit by two class action suits alleging it distributed false information that materially affected its stock price. According to the two latest filings with the New York Southern District court on Jan. 18 and Jan. 24, respectively, the lawsuits against Xunlei and …

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A temporary restraining order (TRO) freezing BitConnect’s assets has been granted in the U.S. after a second lawsuit was filed against the cryptocurrency exchange and lending platform on Monday. The order – granted by Chief District Judge Joseph McKinley, Jr. at the U.S. District Court, Western District of Kentucky  – requires the parties to disclose …

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A new lawsuit has been filed in connection with the controversial BitConnect cryptocurrency investment scheme, the second such case to be filed in the past month. The lawsuit, filed on behalf of Kentucky resident Brian Page, names BitConnect International, BitConnect LTD, Bitcoinnect Trading LTD and Ryan Maasen as defendants. Submitted on Monday, Page is seeking …

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Just a week after the abrupt closure of BitConnect’s lending and exchange platform, investors are seeking legal action to claim back their funds, according to public document. The class action case (see below), filed with the Southern District Court of Florida on Jan. 24, alleges that BitConnect issued cryptocurrency tokens that were effectively unregistered securities …

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The Commodity Futures Exchange Commission (CFTC) has charged two individuals and a Las Vegas-based business in connection with a cryptocurrency scam. The agency accused Randall Crater, Mark Gillespie, as well as My Big Coin Pay, Inc., of taking customer funds and transferring that money into their personal accounts. Additionally, the defendants allegedly used those funds “for …

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The U.S. Commodity Futures Trading Commission (CFTC) brought two lawsuits against allegedly fraudulent cryptocurrency investment schemes yesterday. The cases, both filed in the U.S. federal court in the New York Eastern District, are the latest move from the country’s derivatives regulator in bringing closer scrutiny over activities involving cryptocurrencies, which the agency regulates as commodities. …

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