An investor in the doomed Terra blockchain ecosystem filed a federal lawsuit seeking class action status and naming, among defendants, Binance.US, Bloomberg reports.
The plaintiff is arguing that the defendants played various roles in misleading investors about how stable the stablecoin really was.
“Investors who purchased UST on Binance.US were wiped out, learning quickly that, contrary to Binance’s U.S. advertisements, UST was not ‘safe,’ ‘stable,’ or ‘fiat-backed,’” the lawsuit states. Bloomberg quoted a spokesman for Binance.US as having said the lawsuit had “no merit.”
The aggregate value of the cryptocurrency market dropped below $1 trillion for the first time since January 2021, Reuters reported, citing data from CoinMarketCap.
According to Reuters, the global cryptocurrency market reached its peak to date of $2.9 trillion in November 2021.
The decline in cryptocurrencies is hurting a wide swath of victims, thestreet.com reports.
The investing website states that victims...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...