Fun

NY Attorney General Shuts Down Crypto Trading Platform Coinseed That Cheated Investors out of Millions

News Feed - 2021-09-16 12:09:18

NY Attorney General Shuts Down Crypto Trading Platform Coinseed That Cheated Investors out of Millions


New York Attorney General Letitia James has secured a court order to shut down cryptocurrency exchange Coinseed. The order also “permanently appoints the court receiver to obtain, safeguard, and return all assets invested and traded through” the exchange. New York Attorney General Letitia James Shuts Down Crypto Exchange


The office of New York Attorney General Letitia James announced Monday that the attorney general has shut down cryptocurrency trading platform Coinseed.


James has secured a judgment against Coinseed and its founder and CEO, Delgerdalai Davaasambuu, “that permanently halts their illegal and fraudulent operations,” the announcement describes, adding: The judgment secured by Attorney General James today permanently appoints the court receiver to obtain, safeguard, and return all assets invested and traded through Coinseed and orders a money judgment against the defendants in the amount of $3,061,511, both together and separately.


Attorney General James filed a lawsuit against Coinseed in February for defrauding thousands of investors across the U.S. Coinseed CEO Delgerdalai Davaasambuu and CFO Sukhbat Lkhagvadorj were also defendants in the suit.


The Office of the Attorney General further revealed that since the filing of the lawsuit, it has received more than 175 complaints from investors about the exchange.


Despite the legal action, Coinseed and its CEO “continued their fraud and commenced additional fraudulent conduct by trading in investors’ accounts without permission and then blocking investors from accessing those accounts,” the announcement notes.


In June, the New York County State Supreme Court granted James’ motion for a preliminary injunction. However, Coinseed and its CEO “defied that preliminary injunction by creating, offering, and selling a new virtual currency — including to New York investors — and failed to respond to Attorney General James’ complaint.”


Attorney General James opined: For years, Coinseed and its CEO have engaged in egregious and fraudulent activities that have cheated investors out of millions. In defiance of court orders, this company has continued to operate illegally and unethically, holding investors’ funds hostage and underscoring the dangers of investing in unregistered virtual currencies.


What do you think about New York Attorney General Letitia James shutting down Coinseed? Let us know in the comments section below. Bitcoin Will Not Become Legal Tender in Uzbekistan, Central Bank Official Insists REGULATION | 6 hours ago Digital Ruble to Help Curb Use of ‘Money Surrogates,’ Russia Says in Financial Strategy Document REGULATION | 13 hours ago Tags in this story coinseed lawsuit, coinseed new york, coinseed shut down, Letitia James, Letitia James bitcoin, Letitia James coinseed, Letitia James crypto, Letitia James lawsuit


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Bitcoin Mining Operation Reveals Plans to Convert Coal Ash Landfill Into Solar Farm
Bitcoin Mining Operation Reveals Plans to Convert Coal Ash Landfill Into Solar Farm Following the announcement from Greenidge Generation Holdings that detailed t
Craig Wright admits he’s not Satoshi, issues disclaimer on his website
Vince Quill5 hours agoCraig Wright admits he’s not Satoshi, issues disclaimer on his websiteThe Crypto Open Patent Alliance accused Wright of forgery in court and claimed that he “invented an entire biographical hist
Coinme Adds BTC Purchase Function to Over 100 Coinstar Kiosks in California
Coinme Adds BTC Purchase Function to Over 100 Coinstar Kiosks in California With over 21,000 kiosks in the U.S., Coinstar is a popular automated service for those who want to tur
What You Can Create With a Small Piece of Land in the Metaverse
What You Can Create With a Small Piece of Land in the Metaverse Everybody inside and outside of the metaverse world knows that land ownership is important, and acquiring a plot of
WATCH: Where Is the Crypto Market Headed Next Week?
Arca Chief Investment Officer Jeff Dorman joined CoinDesk’s Brad Keoun on Thursday, Oct. 24, to talk about the current downward trend in crypto pricing and why things may be looking up. (On Friday, bitcoin’
Bitcoin, Ethereum Technical Analysis: BTC Below $40,000 Prior to Wednesday’s Fed Meeting
Bitcoin, Ethereum Technical Analysis: BTC Below $40,000 Prior to Wednesday’s Fed Meeting BTC continued to trade below $40,000 prior to Wednesday’s FOMC meeting, as crypto
US Banks Face a Massive Commercial Real Estate Crisis Looming on the Horizon
US Banks Face a Massive Commercial Real Estate Crisis Looming on the Horizon Financial incumbents may face a harsh reality soon, as a commercial real estate cris
Bitcoin To Top Above $168,500 Based On This Indicator, Analyst Reveals
Este artículo también está disponible en español. An analyst has explained how Bitcoin could see a top beyond the $168,500 mark based on the historical trend in this indi
Helen Partz12 hours agoWisdomTree amends S-1 form spot Bitcoin ETF filing as crypto awaits SEC decisionsAfter the latest Form S-1 spot Bitcoin ETF amendment by WisdomTree, only Franklin Templeton and Global X are yet to
Bitcoin’s range-bound action puts eyes on NEAR, AR, CORE and BONK
Rakesh Upadhyay1 hour agoBitcoin’s range-bound action puts eyes on NEAR, AR, CORE and BONKBitcoin"s range-bound price action could lead traders to focus on NEAR, AR, CORE and BONK.624 Total views3 Total sharesMarket An
JPMorgan CEO Jamie Dimon Warns People to Be Careful When Investing in Crypto Citing ‘No Intrinsic Value’
JPMorgan CEO Jamie Dimon Warns People to Be Careful When Investing in Crypto Citing "No Intrinsic Value" The CEO of global investment bank JPMorgan has warned investors about inves
Optimism (OP) Faces Potential Decline To $1.80 — Analyst
Este artículo también está disponible en español. Optimism (OP) has experienced a market rebound in the past week gaining by 35.76% based on data from CoinMarketCap. The