NY Legal Firm to Launch Crypto Litigation Tracker

The tracker seeks to provide updates and information on all active legal proceedings in the United States involving cryptocurrency companies
02 April 2018   579

New York law firm Morrison Cohen LLP has launched a special tracker called MoCo Cryptocurrency Litigation, which tracks and updates information about all active litigation in the United States related to cryptocurrencies. This is reported by News Bitcoin Com.

At the time of publication there are information about 63 active processes in the tracker. The cases are arranged in chronological order and divided into several categories.

According to the idea of ​​the creators, with the help of a tracker, potential investors will be able to assess the company quick or to find out whether it is subject to legal proceedings. The service also provides links to all documents related to the listed cases, including final orders.

Currently, 27 of the 63 cases submitted are related to the suspension of activities, 24 are described as "Group claims and other private proceedings", another 18 cases - "Proceedings involving regulators".

It is noted that Morrison Cohen will also monitor the regulatory-related cryptocurrency claims of such agencies as the Securities and Exchange Commission, Commodity Futures Trading Commission, Financial Industry Regulatory Authority, and the New York State Department of Financial Services, in addition to “other regulatory announcements” including those made by executive order.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   346

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.