Stephen Palley, associate at Anderson Kill and chair of the agency’s know-how, media and distributed methods apply group, explains what the 11 latest class-action lawsuits towards ICO issuers from 2017 and exchanges had been about, who introduced them, who the defendants are, and what hurdles they face, particularly relating to jurisdiction. He additionally discusses why some outstanding people in crypto, reminiscent of Changepeng Zhao, the CEO of Binance, Brendan Blumer, CEO of Block.One, Arthur Hayes, CEO and cofounder of BitMEX, amongst others, had been named, and the way the “management individual” concept of legal responsibility will play a task within the claims. We additionally dive into the lawsuit for $28 million towards Maker Basis over Black Thursday losses, and the try by MKR governance token holders to pressure Maker individuals to conform to indemnify the Maker Basis.
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Crypto.com: https://crypto.com
Episode hyperlinks:
Stephen Palley: https://twitter.com/stephendpalley
The Block: https://www.theblockcrypto.com/
The Block article on lawsuits: https://www.theblockcrypto.com/submit/60930/top-crypto-exchanges-token-issuers-named-in-friday-barrage-of-u-s-class-action-lawsuits
Offshore Alert on lawsuits: https://www.offshorealert.com/class-action-complaints-against-cryptocurrency-firms-alleging-unregistered-sale-of-securities.aspx
CoinDesk article summarizing the lawsuits: https://www.coindesk.com/top-crypto-firms-including-binance-civic-tron-targeted-in-flood-of-lawsuits
The Block on lawsuit towards the Maker Basis: https://www.theblockcrypto.com/submit/61797/maker-foundation-class-action-lawsuit-black-thursday
CoinDesk article on class-action lawsuit towards the Maker Basis: https://www.coindesk.com/makerdao-users-sue-stablecoin-issuer-following-black-thursday-losses
Indemnity vote: https://vote.makerdao.com/polling-proposal/qmwfvvguaf8rz8xwgv2cqnzzt9t5h6epzh17qmk2ue99y4
Hyperlinks from information recap:
https://unchainedpodcast.com/covidbnsdcep/
