Crypto Firm Accuses Telemed Startup Of Investment Scam

Law360 (September 30, 2019, 5:28 PM EDT) -- Cryptocurrency investors have sued a telemedicine startup in California federal court for allegedly swindling them out of more than $1 million, not providing the promised services and diverting their funds to a new venture.

In a 20-count complaint filed Friday, Cypto Asset Fund LLC and investors Timothy Enneking and Kyle Chaykowski claim cryptocurrency startup MedCredits Inc. and its executives violated federal securities law and state unfair competition law. They also allege breach of contract and fraud for the startup taking cash in exchange for so-called MEDX tokens that never materialized.

"MedCredits and the individual defendants never rolled out the MEDX platform,...

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