Chinese Tech Co. Beats Illegal Coin Offering Claims

Law360 (September 10, 2019, 6:06 PM EDT) -- Chinese technology company Xunlei Ltd. escaped a proposed shareholder class action in New York federal court Tuesday, dodging allegations that its cryptocurrency rewards program operated like an initial coin offering and flouted Chinese law.

Owners of Xunlei's OneThing Cloud, a remote storage device based on blockchain technology, were given access to the OneCoin Rewards Program in which they could use excess storage and bandwidth to mine a cryptocurrency called OneCoin.

Xunlei's OneCoin is unrelated to the fraudulent cryptocurrency by the same name that was used to perpetrate an alleged multibillion-dollar Ponzi scheme.

The investors had alleged that their securities fraud claims...

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