A crypto investor was defrauded into investing $2 million dollars in an unregistered cryptocurrency named MCash and he filed a lawsuit with the New York District Court so we decided to find out more about it in the crypto news below.
The plaintiff Lijun Sun claims to have transferred $2 million to a New-York based investment group named Blue Ocean Capital Group and he stated:
“Not only was the MCash Token not properly registered with the U.S. Securities and Exchange Commission (SEC), but more importantly, in connection with selling the MCash Token, Defendants made numerous misrepresentations and omissions that induced Plaintiff to invest $2 million.”
After buying the token, Sun realized that he didn’t get any accurate information nor did he enter into a token purchase agreement with the company but as it turns out he got into a deal with another company which he didn’t know that existed. MCash Tokens were claimed as unregistered securities and there is no legal market for them in the United States.
According to the documents delivered to the court, the plaintiff is entitled to a recession of the investment plus compensatory damages worth $6 million. Sun also claims that some of the defendants have committed federal security fraud in the name of Blue Ocean Capital.
Sun says that he would never invest in a company like this if he had known this information and he is also in touch with the firm’s president Antony Liu which has previously said that he knew that the transaction of the plaintiff was not legal in the United States.
Ethereum Price Increases By 13% Overnight, Is The Market In For Recovery?
“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
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“If it turns out that the Blockchain/Coin framework turns out to be a good one for banks transferring money around, then the JPM Coin should absolutely obliterate Ripple."The arguments that the newly released JPMCoin (which will be pegged to the dollar ) could replace Ripple are still strong, stating that this is a huge slap for Ripple and its cross-border payments and remittances. Ripple's boss, Brad Garlinghouse, doesn't think so. As he tweeted: https://twitter.com/bgarlinghouse/status/1096118363506434048 Right now, it remains to be seen if Ripple is going to fight back in the short term. Besides that, it appears unlikely that another centralized stablecoin will do so much damage to XRP. The only bad scenario right now is that banks continue developing their own in-house solutions rather than working with XRP, which is kind of disappointing for Ripple and its business model.
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