Cryptocurrency news

An updated class-action lawsuit has been filed against Bet MAX demanding $540 million

An updated class-action lawsuit has been filed against Bet MAX demanding $540 million

Investors have filed an updated class-action lawsuit against the BitMEX cryptocurrency derivatives exchange and its owner, Arthur Hayes, demanding payment of $540 million.

In December, early BitMEX investor Frank Amato and RBG Coin Ltd accused the platform and its CEO Arthur Hayes of fraud and filed a $300 million lawsuit against them. In 2015, they invested $30,000 in the exchange, which was to be converted into shares. However, the plaintiffs claim that they have not yet received a share in the capital of the cryptocurrency exchange. In December, the plaintiffs wanted to sue her for $50 million to recover funds spent and lost profits, and also requested $250 million in non-pecuniary damages.

Now investors have sent an updated lawsuit to the court, which added a new plaintiff Elfio Guido (Elfio Guido), who participated in the second round of raising funding for BitMEX. Thus, the value of the share requested by investors increased from $50 million to $90 million, and the amount of penalties – from $250 million to $450 million.

The plaintiffs said that they became the first third-party investors of BitMEX, taking “incredible” risks, while the site’s management “cynically denies” their rights to shares and profits. Investors also accuse BitMEX and its management of violating US securities laws and committing actions that negatively affect the value of the plaintiffs ‘ shares.

In January, BitMEX stopped serving trading accounts in the United States and in the canadian province of Quebec due to regulatory restrictions, and from may 1, Japanese customers of the platform will no longer be able to trade on it due to new Japanese laws regulating cryptocurrency trading.