Blockchain Biz Accused Of Inflating Token Value In $3M Sale

Law360 (July 2, 2019, 5:51 PM EDT) -- A blockchain company's unfounded hype and conduct artificially inflated its token value to raise close to $3 million in a token sale, only to see its value plummet by 90% about a month later, a cryptocurrency investment fund told a New York federal court.

Menlo Inc.'s founders unfairly enriched themselves by misrepresenting their products, leading Invictus Hyperion to invest $250,000 into the venture that it won't be able to recover, the fund alleged Monday in a complaint. Invictus Capital's Hyperion fund, which invests in promising blockchain projects, said Menlo and its managers have yet to produce a viable product, despite talking up their efforts...

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New York Southern

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Securities/Commodities

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Date Filed

July 1, 2019

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