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...

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!

TRY LAW360 FREE FOR SEVEN DAYS

Attached Documents

Related Sections

Case Information

Case Title

Subscribers Only

Case Number

Subscribers Only

Court

Subscribers Only

Nature of Suit

Subscribers Only

Judge

Subscribers Only

Date Filed

Subscribers Only

Law Firms

Government Agencies

Judge Analytics