Cryptocurrency Group Hit With Lawsuit Over $8M In Losses

Law360 (April 15, 2020, 6:08 PM EDT) -- Cryptocurrency group The Maker Foundation and its affiliated companies were hit with a proposed class action in California federal court from investors alleging that they suffered more than $8 million in losses because of a system failure and were misled on the platform's security.

Proposed lead plaintiff Peter Johnson said in the suit Tuesday he lost at least $42,000 through Maker's DAI cryptocurrency and its platform following the stock market crash on March 12, now known as Black Thursday, and that investors lost a total of at least $8.3 million. Johnson said he and other collateralized debt position, or CDP, holders...

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