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Five proposed crypto class actions over unregistered securities dismissed in NY

Quantstamp, Status Research, Civic Technologies, HDR Global Trading and Kaydex are off the hook, after five securities related lawsuits were dismissed in New York Courts earlier this week. Five proposed class-action lawsuits against crypto firms have been voluntarily dismissed without prejudice in New York federal courts — without costs or attorney fees to any party. Quantstamp, Status Research, Civic Technologies, HDR Global Trading, and Kaydex are off the hook, however related cases are ongoing. The five class-action lawsuits dismissed on April 27 are part of a batch of 11 filed by Law firms Selendy & Gay PLLCRoche Freedman a year…

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Square’s COPA Launches Lawsuit Against Craig Wright

Square’s COPA (Cryptocurrency Open Patent Alliance) launched a lawsuit against self-proclaimed Bitcoin creator Craig Wright after he tried to enforce a copyright claim of the BTC white paper so let’s read more in our latest cryptocurrency news today. Square’s COPA disputed the claims to ownership and authorship of the Bitcoin White Paper and he will soon learn how it feels to be on the other side of a lawsuit. The cryptocurrency open Patent Alliance founded by Jack Dorsey filed a lawsuit against self-proclaimed Craig Wright related to his attempts to copyright the BTC white paper. The lawsuit filed with the…

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Wallet Maker Ledger Faces Lawsuit Over Covering Up Of Data Breach

Crypto wallet maker Ledger faces a lawsuit over data breach cover-up after customers filed a class-action lawsuit recently so let’s read more in our latest crypto news today. In the data breach, customer data, personal documents, and emails were compromised so now Ledger and Shopify are facing both a class action lawsuit. Customers of the wallet maker Ledger are suing the company for the alleged cover-up of the data breach. The initial complaint that was filed with the US District Court for the Northern District of California, alleged that Shopify and Ledger partnered together and “negligently allowed, recklessly ignored and…

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Ledger and Shopify Face Class Action Over Data Breach

Hardware wallet firm Ledger and its e-commerce partner Shopify have been hit by a class-action lawsuit over a 2020 data breach that leaked the personal data of 270,000 customers. Plaintiffs Lost Funds In Phishing Attacks The legal complaint has been brought to a North California court by former Ledger customers John Chu and Edward Baton, who are seeking damages over the massive data breach. The plaintiffs do not claim that the breach affected Ledger’s hardware wallets. Rather, they claim several users lost their crypto in phishing attacks between April and June 2020. During that time, rogue employees at Shopify exploited…

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Nexo Sued for ‘Unlawful’ Liquidation of Clients’ Collateral XRP Amid SEC’s Ripple Lawsuit

Crypto lending firm Nexo is facing a class-action lawsuit filed by an XRP investor for “unlawfully” suspending the use of the cryptocurrency as collateral without giving notice to clients and subsequently liquidating the tokens. This happened following the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Ripple and its executives. Nexo Sued for Suspension and Liquidation of XRP An XRP investor, Junhan Jeong, has filed a class-action lawsuit against Nexo Financial LLC, Nexo Financial Services Ltd., Nexo Services Ou, Nexo AG, and Nexo Capital Inc. (collectively referred to as Nexo). In the lawsuit filed on April 1,…

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Nexo faces lawsuit for liquidating $5m in client collateral amid XRP delisting

Crypto lending platform Nexo has been accused causing $5 million worth of client liquidations after suspending the use of XRP as collateral without warning in December. United States-based crypto lending platform Nexo is facing a class-action lawsuit over suspension of XRP services on Dec. 23, 2020. Lead plaintiff, California resident Junhan Jeong submitted the complaint on April 1. The complaint accuses Nexo of breaching its user agreement by suspending the use of XRP as loan collateral without notifying its customers beforehand. The suspension followed the SEC’s legal action against Ripple Labs for conducting unregistered securities offerings on December 22. Nexo…

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XRP User Files Lawsuit Against Nexo for $5M in Liquidations

One day after the SEC filed legal action against Ripple in December 2020, Nexo suspended XRP. Now, one California resident is suing Nexo for $5 million in losses from the move. Users Lose $5M in Nexo Debacle The lawsuit has been filed by Junhan Jeong, a California resident who had taken out a fiat loan from Nexo using their XRP holdings.   The lawsuit alleges that “Nexo acted in bad faith” by suspending XRP payments for loans and caused monetary losses of over $5 million for Jeong and other customers in loan liquidations. On Dec. 23, 2020, a day after the…

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XRP lawsuit update: Ripple gets its motion to seal approved

Ripple has been fighting the lawsuit filed by the United States’ Securities and Exchange Commission [SEC] for a while now. However, the regulatory body had been digging deep into the personal information of its executives. Ripple met with the SEC lawyers on 1 April to request that they keep their documents out of the public’s […]

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Bitcoin Cash antitrust suit dismissed with prejudice

A Judge has nixed a lawsuit alleging Roger Ver and Jesse Powell and several other crypto figures engaged in market manipulation. The founder of Bitcoin.com Roger Ver, and other high profile crypto figures including Kraken CEO Jesse Powell, have won a motion to dismiss an antitrust suit filed against them alleging market manipulation. The amended complaint was filed by crypto company United American Corp in March 2020 against Ver, Powell, Bitmain Technologies and its CEO Jihan Wu, along with Bitcoin Cash developers Shammah Chancellor and Jason Cox. The case has now been dismissed with prejudice due to a lack of…

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LBRY fires back at SEC over ‘aggressive and disastrous’ securities complaint

LBRY is in the SEC’s firing line for selling unregistered securities. It claims the case could set a precedent that would affect much of the industry. Blockchain company LBRY, Inc. has hit back at the Securities and Exchange Commission, saying a complaint filed against it threatens much of the crypto industry because it would define most tokens as securities.  The SEC has been looking into the blockchain-based publishing platform LBRY, Inc. as part of a three-year investigation that started in May 2018. According to the complaint filed by the SEC, the platform is alleged to have sold unregistered securities across…

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SEC Suing LBRY Over $11 Million Token Sales

The SEC is going after LBRY. SEC Suing LBRY  The Securities and Exchange Commission (SEC) has filed a lawsuit against LBRY.  The complaint relates to the company’s LBRY Credits (LBC), which are used to pay creators who upload digital content to the site. LBRY describes itself as “a people’s marketplace” that aims to distribute value to content creators and consumers. It has a user base of over 10 million.  According to the SEC, the company sold its tokens as investment contracts, beginning in 2016. LBRY Credits were sold, the SEC said, in the expectation that they would appreciate in value.…

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Makerdao Vote to Not Compensate Black Thursday Victims Receives Harsh Criticism

Large Makerdao holders decided not to compensate the victims that were liquidated during the unexpected flash crash that took place on March 12, otherwise known as ‘Black Thursday.’ An aggregate total of 38 votes was cast and more than 65% of the governance portal participants voted for zero compensation. The day after March 12, otherwise known as ‘Black Thursday,’ the Makerdao project made headlines after between $4 to $6 million worth of the stablecoin DAI was left underwater due to an auction failure. A vote held this Tuesday indicates that the Makerdao project doesn’t plan to compensate any of the…

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Presidential Candidate Brock Pierce Served With Lawsuit for Alleged ICO Fraud

Former Disney child actor and U.S. Presidential candidate, Brock Pierce, was served with a lawsuit during a political campaign event held on Monday. The class-action lawsuit was filed in May and it claims the defendants, including Pierce, sold unregistered securities during the EOS initial coin offering (ICO). Last May, a class-action lawsuit on behalf of any person who purchased or received EOS tokens during the June 2017 ICO was filed against a number of firms and company executives behind the EOS project. The lawsuit named Brock Pierce, but also Block.one cofounders Daniel Larimer and Brendan Blumer are named as defendants…

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