ATB Coin the Latest to Face Class-Action Suit After ICO

ATB Coin the Latest to Face Class-Action Suit After ICO

Following similar suits against Tezos and Centra, another initial coin offering that opted not to register with the Securities and Exchange Commission (SEC) faces a class-action lawsuit alleging its cryptocurrency should be considered a security. On December 21, Raymond Balestra filed a class action suit in the Southern District of New York against ATBCoin LLC, Edward Ng (CEO) and Herbert W. Hoover (co-founder). Seeking a jury trial from the court, the plaintiffs alleged that ATBCoin had violated the Securities Act by issuing unregistered securities with the expectation of profit in the form of the ATB coin and the placement […]