Court Cases | ForkLog

ForkLog 27 23.09.2024

OpenSea Faces Lawsuit Alleging NFTs as Securities

Two clients of OpenSea have filed a class-action lawsuit against the NFT marketplace, accusing it of selling unregistered securities contracts. This was reported by Cointelegraph citing court documents. Anthony Schneiderman and Itai Bronstein claimed that the non-fungible tokens purchased on the platform, including Bored Ape Yacht Club, are worthless “due to their illegal nature.” The […]

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ForkLog 34 20.09.2024

Texas Court Dismisses ConsenSys Lawsuit Against SEC

A federal judge in Texas dismissed ConsenSys’s lawsuit against the U.S. Securities and Exchange Commission (SEC) and its five members, including Chairman Gary Gensler. In April, the firm sued the SEC over the “regulation of ETH as a security.” The claims alleged that the agency orchestrated a campaign “to seize control over the future of […]

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ForkLog 27 17.09.2024

Former Celsius CEO Faces Potential 115-Year Sentence Amid Bankruptcy Case

Former Celsius CEO Alex Mashinsky has requested the court to allow six witnesses to testify in the bankruptcy case involving the lending platform. The entrepreneur faces a potential prison sentence of up to 115 years, reports The Block. In July 2023, media outlets reported Mashinsky’s arrest. According to court documents reviewed by insiders, the SEC […]

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ForkLog 11 13.09.2024

Why Tigran Gambaryan’s arrest matters beyond Binance

On February 26, 2024, Nigerian authorities detained Binance’s vice president for global intelligence and investigations, Tigran Gambaryan. Half a year on, he remains in custody, and the executive’s family says his health has been seriously harmed. A day before the detention, the executive, together with the exchange’s director for West and East Africa, Nadeem Anjarwalla, […]

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ForkLog 9 03.09.2024

Binance Executive Tigran Gambaryan Appears in Nigerian Court on Crutches

Tigran Gambaryan, Vice President for Global Intelligence and Investigations at Binance, appeared at resumed court hearings in Nigeria on crutches due to the denial of a wheelchair. This was reported by The Block, citing a statement from the defendant’s family. The authorities of the African nation have held the American citizen executive in prison for […]

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ForkLog 17 30.08.2024

Legal Firms Reap Over $750 Million from Crypto Bankruptcies

Twenty-two law firms engaged in seven cryptocurrency company bankruptcies under Chapter 11 of the U.S. Code have requested or received fees totaling $751 million, according to Bloomberg Law. Journalists analyzed court documents and reported figures as of mid-August. Leading the pack were Sullivan & Cromwell, Kirkland and Ellis, White & Case, and Cleary Gottlieb, which […]

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ForkLog 44 30.08.2024

Court Dismisses $258 Billion Lawsuit Against Elon Musk Over Dogecoin Promotion

District Judge Alvin Hellerstein dismissed a lawsuit against Elon Musk and electric vehicle manufacturer Tesla over the promotion of Dogecoin. American Keith Johnson sought $258 billion in damages and compensation. The plaintiff aimed to prohibit the billionaire and his companies from promoting the coin and sought to declare trading in this cryptocurrency as “gambling.” He […]

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ForkLog 13 28.08.2024

Haru Invest CEO Attacked in Courtroom

On August 28, Lee Hyun-su, the CEO of South Korean cryptocurrency investment platform Haru Invest, accused of embezzling approximately $826 million from clients, was attacked with a weapon in a courtroom. This was reported by local media. During the session, one of the aggrieved investors approached Lee and stabbed him multiple times in the neck […]

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ForkLog 13 26.08.2024

Former Heartland Tri-State CEO Sentenced for Embezzling $47 Million for Cryptocurrency Purchases

In the United States, a court has sentenced former Heartland Tri-State bank CEO Shane Haines to 24 years and four months in prison for embezzling $47.1 million to invest in cryptocurrencies. This was reported by the Department of Justice. According to the department, from May to July 2023, the executive conducted 11 unauthorized transfers. In […]

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ForkLog 19 23.08.2024

Australian Court Sides with Regulator in Case Against Kraken

The Federal Court of Australia has found Bit Trade, the local operator of the Kraken cryptocurrency exchange, guilty of failing to comply with legal requirements in offering margin trading. This was announced by the Australian Securities and Investments Commission (ASIC). On October 5, 2021, Bit Trade offered Australian clients trading on Kraken the “margin extension” […]

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ForkLog 31 22.08.2024

FTX Creditors Endorse Reorganization Plan

FTX announced overwhelming support from creditors for the updated exchange reorganization plan. Preliminary data shows 95% of votes in favor, representing 99% of the claim amounts. Given these figures, the results are expected to surpass the Bankruptcy Code threshold for approval by the Delaware District Court. FTX will submit the final numbers to the court […]

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ForkLog 9 22.08.2024

BitBoy and NBA Star Settle Binance Promotion Lawsuit for $340,000

Cryptoblogger Ben Armstrong, known as BitBoy, and NBA star Jimmy Butler have agreed to a combined settlement of $340,000 to resolve a class-action lawsuit over promoting Binance, as reported by Cointelegraph. The claim alleges that the cryptocurrency exchange sold unregistered securities. On August 19, the influencers’ lawyers filed a motion in court for preliminary approval […]

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