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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!