On April 3, the law firms Roche Cyrulnik Freedman and Selendy & Gay filed 11 class-action lawsuits against multiple digital currency exchanges and the issuers of certain initial coin offering (ICO) tokens. Entities like Block.one, Tron, Bancor, Status and numerous company executives are accused of selling unregistered securities. The lawsuits claim the exchanges “profited handsomely” from these token sales and the charges also allege manipulative conduct. Following the filings in the Southern District New York court on Friday, news.Bitcoin.com spoke with Roche Cyrulnik Freedman partner Kyle Roche about the class-action cases.
Attorney Kyle Roche Talks ICOs and Unregistered Securities
The cryptocurrency community was shocked to hear that 11 class-action lawsuits were filed against various crypto trading platforms and initial coin offering (ICO) and initial exchange offering (IEO) issuers. Defendants included in the class-action cases include well known industry players like Changpeng Zhao (CZ), Arthur Hayes, Brendan Blumer, Dan Larimer, and Vinny Lingham. Companies such as Kaydex, Quantstamp, Kucoin, HDR Global Trading, Bitmex, Bprotocol, Status, Block.one, Civic and Binance are named. Tokens mentioned in the lawsuit that are considered “unregistered securities” include ICX, OMG, EOS, BNT, SNT, QSP, KNC, TRX, FUN, LEND, ELF, and CVC.
Roche Cyrulnik Freedman partner Kyle Roche.
News.Bitcoin.com had a chance to speak with Kyle Roche from the New York-based company Roche Cyrulnik Freedman about the new lawsuits. The litigation firm is involved with a number of cryptocurrency-related lawsuits, including the high-profile Kleiman v. Wright lawsuit and the class-action lawsuit against Bitfinex and Tether. The Kleiman v. Wright case is one of the most sought after court dockets in the state of Florida because it involves a man who claims to be Satoshi Nakamoto.