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A hosting provider, Old Const, has filed a lawsuit against Bitmain, the world’s largest producer of bitcoin mining equipment, alleging Bitmain inappropriately terminated the agreement between the firms. Old Const, which bought Bitmain’s “HASH Super Computing Server” and agreed to provide hosting services, claims Bitmain “fabricated purported breaches in order to terminate the agreement immediately.” In addition, Old Const claims Bitmain threatened to seek a seizure order, called a “writ of replevin,” outside of Texas jurisdiction. By doing this, it claims Bitmain violated the Hosting Services Agreement that the two firms entered into in November 2024, which required any legal dispute to be settled in Texas. Old Const’s lawsuit seeks a Temporary Restraining Order and an injunction ordered by the court that would prevent Bitmain from obtaining any seizure order from a court outside of Texas.  Otherwise, Old Const says Bitmain will “unlawfully” try a...

The US Securities and Exchange Commission (SEC) has sued technology billionaire and SpaceX founder Elon Musk for allegedly failing to disclose the acquisition of some Twitter shares, The action came as anti-crypto SEC Chair Gary Gensler prepares to step down on Jan. 20. According to a Jan. 14 filing in a Washington, DC, federal court, Musk failed to disclose that “he had acquired beneficial ownership” of Twitter in 2022. This alleged omission enabled him to keep buying shares in the social media company “at artificially low prices” and “underpay by at least $150 million,” the agency said in its filing. DOGE Pumps 4% As Elon Musk Calls The SEC A “Totally Broken Organization” This is not the first lawsuit against the technology mogul. In June 2022, a lawsuit brought forward by investors against Musk accused him of insider trading with respect to leading meme coin Dogecoin (DOGE). This was after Musk started posting pictures of the me...

Certain class action claims in a lawsuit against Ripple and its chief Brad Garlinghouse are moving to final judgement, marking a major win for the crypto firm which may help its ongoing case against the Securities and Exchange Commission (SEC). On Thursday, Judge Phyllis Hamilton granted a move to final judgement on settled class claims and has ordered remaining unsettled claims to be paused. This decision has shortened the class action lawsuit’s timeline and has paved the way for a trial to commence on January 21, 2025. Plaintiffs in the class action lawsuit argue that Ripple sold XRP between 2017 and 2023 without registration, and in violation of federal and California securities law. Final judgement in this case may have knock-on effects in a similar lawsuit brought forward in 2020 by the SEC. Specifically, favorable ruling for Ripple could significantly aid its case against the SEC’ s claims of federal violations of securities law. Trump sells DOGE shi...

Former Binance CEO Changpeng Zhao has moved to dismiss the Securities and Exchange Commission’s (SEC) amended lawsuit, claiming that the regulator can’t differentiate between crypto securities and Beanie Babies. Binance and Zhao filed the motion to dismiss yesterday while alleging the SEC’s new filing “refuses to articulate any standard for courts, litigants, or market participants to know which crypto-asset transactions qualify as investment contracts, and which do not.”  The SEC filed the lawsuit in June 2023 and amended it last month. It names Binance, BAM Trading Services Inc., and BAM Management US Holdings, alongside Zhao, as defendants.  According to the motion to dismiss, winners and losers are being chosen “arbitrarily” by the SEC and “its non-test cannot differentiate securities from Beanie Babies at the pleading stage.” The filing then singles out five types of transactions that it believes the SEC has misinterpreted within its fresh allegations . ...

The Dogecoin (DOGE) market was in for some drama. DOGE’s top advocate, Elon Musk, who is also the man behind Tesla, was accused of manipulating the price of the meme coin. Musk and Tesla were collectively charged $258 billion in damages. More recently, the lawsuit was dismissed by US District Judge Alvin Hellerstein in the US District Court for the Southern District of New York. Also Read: Cryptocurrency: Top 2 Coins That May Give Major Returns In September Legal Battle and Its Impact on Dogecoin’s Price The Lawsuit Against Musk and Tesla In June 2022, a group of Dogecoin investors filed a lawsuit against Musk and Tesla. Musk was previously accused of making profitable trades through multiple DOGE wallets, which Tesla was said to control. Investors claimed that the price of DOGE was inflated through several publicity stunts, Twitter posts, and an appearance on NBC’s Saturday Night Live. They said that the world’s richest man and Tesla frequently timed trades to Musk...

Crypto commentator and Easy Money author Jacob Silverman has convinced a US district judge to order Elon Musk to reveal the shareholders of X (formerly Twitter). The journalist intervened as a non-party in an unrelated California legal dispute involving Musk’s last-minute maneuvers in taking the platform private.  Silverman explained his reasoning succinctly: “People should know who owns an important site for public discourse and whether its free-speech fundamentalist majority shareholder is doing business with censorious dictatorships.” According to the judge, Silverman prevailed in his request for public disclosure because he filed a timely request — “not enough delay to deny intervention under Federal Rule of Civil Procedure 24(b)” — and did not prejudice nor re-litigate any issues that would have denied his intervention request. Instead, he permissively placed a valid legal burden on respondents that was “not onerous.” According to the judge, the list of Twitter sh...

A federal judge in California denied the motion to dismiss the case against Compound Labs and its associated entities, after allegations of violating financial regulations. This means owners of the COMP token can move ahead with their lawsuit. Partner identification The lawsuit claims those who control the decentralized organization known as Compound are unregistered securities “sellers” due to their soliciting role, with individual defendants including DAO co-founders Robert Leshner and Geoffrey Hayes and the entities Bain Capital Ventures, Polychain Academy, Paradigm Operations, AH Capital Management and Gauntlet Networks. According to Bloomberg Law, Judge William H. Orrick’s classification of the majority of owners of the organization as partners who didn’t directly sell the securities, may still be classified as “sellers” under Section 12 of the Securities Act, according to a ruling issued on Sept. 20. You might also like: Sui and Compound bearish, Tradecurve Markets...

United States District Court Judge Katherine Polk Failla is also the judge overseeing the SEC's lawsuit against crypto exchange Coinbase. A United States District Court judge has called Ether (ETH) a commodity in her dismissal of a class action lawsuit against the decentralized exchange Uniswap. In an Aug. 30 dismissal order of the case brought by Uniswap users who claimed they lost money due to scam tokens on the exchange — Judge Katherine Polk Failla wrote ETH and Bitcoin (BTC) were “crypto commodities.” The distinction was also part of her reasoning for dismissing the case — Failla said she wasn’t convinced by an argument that Uniswap’s token sales were subject to the Exchange Act. Interestingly, Failla is also the judge overseeing the SEC lawsuit against Coinbase. She has also had previous experience in overseeing other crypto cases in the past, including one involving Tether and Bitfinex.  The SDNY (Failla, J.) also explicitly found in its August 29 decision in Risely v. ...

Polygon Labs’ chief legal and policy officer , Rebecca Rettig, recently shed light on the Securities and Exchange Commission’s (SEC) ongoing legal battles with Coinbase, a crypto exchange, and Ripple, a blockchain company. On a recent episode of The Block’s exclusive podcast, Rettig provided a detailed examination of the SEC’s actions, including the legal challenges that question the commission’s authority. Rettig’s perspective on SEC’s designations Rettig expressed her understanding of the SEC’s cases against both Coinbase and Ripple, articulating that the motions for judgment in these cases are an attempt to align with the law rather than pre-existing notions. The instances she examined reveal a need to bring the cases back to the fundamental principles of the law, emphasizing that the situations may not conform to previous examples. She also addressed the court’s viewpoint on the SEC’s previous actions towards Coinb...

Bankrupt crypto exchange FTX has taken legal action by filing a lawsuit against a former aide to Hillary Clinton and the aide’s invest ment firm. The exchange seeks to reclaim $700 million in invest ments that it alleges were made using misappropriated FTX funds. According to court documents, FTX’s founder, Sam Bankman-Fried, authorized the transfer of $700 million to entities affiliated with K5 Global, an investment firm led by former Clinton aide Michael Kives and co-founder Bryan Baum. FTX claims that Bankman-Fried allowed this transfer as part of a scheme to misuse company assets for personal gain. FTX moves to claw back $800 million from K5 Global, Olympus Capital, SGN Albany et al. Defendants are further accused of aiding and abetting SBF, dishonest assistance and unjust enrichment. pic.twitter.com/IPcDEtuFxL — FTX 2.0 Coalition (@AFTXcreditor) June 22, 2023 The lawsuit reveals that Bankman-Fried described Kives as an individual with extensive political a...

Amid Genesis going through its first bankruptcy hearings, a group of creditors have slapped the firm with a new class action lawsuit. Troubled cryptocurrency company Digital Currency Group (DCG) is facing more legal issues as its subsidiary Genesis Capital got slapped with a new class action lawsuit. A group of Genesis creditors filed a securities class action (SCA) lawsuit against DCG and its founder and CEO Barry Silbert, alleging violations of the federal securities laws. The lawsuit was filed by Connecticut-based Law firm Silver Golub & Teitell (SGT) on behalf of individuals and entities who entered into digital asset lending agreements with Genesis. The Law firm is known for handling major industry lawsuit s, including a class action suit filed against Coinbase in March 2022. The new complaint against DCG and Silbert alleges that Genesis engaged in an unregistered securities offering in violation of securities laws by executing lending agreements involving securities without...