Cryptocurrency Outlet Hit With TRO In Investor Action

Law360, New York (January 31, 2018, 3:27 PM EST) -- Cryptocurrency trading platform BitConnect has been slapped with a temporary restraining order by a Kentucky federal court after the investors suing the U.K.-based marketplace in a proposed class action said its owners might try to hide “money generated from the class” or “dump it into another scam.”

U.S. District Judge Joseph H. McKinley Jr. on Tuesday granted investor Brian Paige’s motion requesting a TRO, which Paige filed along with his complaint Monday. Paige says BitConnect’s business model “was both a pyramid scheme and a Ponzi scheme,” and told Judge McKinley that without a TRO in place the investors would have no...

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