COURT: S.D.N.Y.
TRACK DOCKET: No. 1:22-cv-07313 (Bloomberg Law Subscription)
JUDGE: Vernon S. Broderick (Bloomberg Law Subscription)
COMPANY INFO: StrongBlock (Bloomberg Law Subscription)
Crypto-asset seller StrongBlock promised “lifetime” rewards with the purchase of certain blockchain products but then capped those rewards in a bait and switch, 15 investors say in a suit in federal court in New York.
The company also violated the law by failing to register as a seller of securities, Erik Crowl and the other investors say in their complaint, filed Aug. 26 in the US District Court for the Southern District of New York. The tokens and nodes qualify as securities, they say.
StrongBlock’s blockchain crypto-assets, unlike decentralized commodities based on blockchain, “are similar to traditional securities in that ...
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