Tag: Lawsuit

PumpFun Corp Hit with Lawsuit Over Alleged Pump-and-Dump Scandal

PumpFun Corp faces a class-action lawsuit for allegedly running a pump-and-dump scheme. They have basically been accused of misleading investors, and targeting minors.



PumpFun Corp is in serious legal hot water after being hit with a class-action lawsuit. The company is accused of running a pretty common pump-and-dump scheme with its cryptocurrency, Fun Token, leaving investors with massive losses. The lawsuit, filed in New York by the law firm Silver Miller, claims that PumpFun Corp inflated Fun Token’s price, only to crash it shortly after, causing huge financial damage to investors.

The case points fingers at the company’s trading platform, Pump.Fun, which allegedly fostered risky, speculative trading by using gamified designs and overselling the profit potential of crypto. The lawsuit also highlights major flaws in investor protections, like missing KYC (Know Your Customer) checks, no age verification, and lack of clear risk disclosures—plus some shady marketing practices that made everything seem way safer than it really was.

Silver Miller is urging anyone who feels they’ve been scammed by the platform to join the lawsuit. If anything this case really serves as a big warning to crypto traders to do their homework and avoid falling for flashy promises of quick gains. PumpFun is being pushed to answer for its actions, and more updates will follow as the case progresses.

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Solana Co-Founder Faces Lawsuit Over Alleged Misuse of Ex-Wife’s SOL

Short Summary:
Solana co-founder Stephen Akridge is caught in a messy legal battle with his ex-wife Elisa Rossi, who claims he swiped millions in staking rewards from her crypto wallet.

A Crypto Drama Unfolds
Stephen Akridge, co-founder of Solana, is under fire as his ex-wife Elisa Rossi sues him for allegedly stealing “millions of dollars” in SOL staking rewards. According to court filings in San Francisco, Rossi accuses Akridge of exploiting her lack of crypto knowledge to siphon off rewards she earned through staking—a process that generates passive income for crypto holders. She claims Akridge’s insider knowledge of blockchain tech gave him an unfair advantage in this high-stakes dispute.

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High-Stakes Tokens, Low Trust
While the lawsuit keeps the exact value of the disputed SOL tokens under wraps, Rossi describes the sums as “significant.” She’s also requested parts of the complaint remain confidential. This legal clash puts a spotlight on the risks of shared digital asset management, especially when one party holds all the expertise cards.

SOL: Bouncing Back, Despite the Drama
Meanwhile, Solana itself is thriving, reclaiming its status as a top crypto contender despite past turbulence linked to FTX’s meltdown. The lawsuit might be a headline-grabber, but SOL’s recent surge proves the coin is still a fan favorite in the crypto-verse.

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Former Binance Executive Files Lawsuit, Claims Bribery Scandal Exposure

Amrita Srivastava, a former executive at Binance, is suing the cryptocurrency behemoth, alleging she was let go for disclosing a bribery scandal in which a coworker reportedly accepted dubious money in order to expedite a customer. Binance disputes this, citing poor performance as the reason for her termination. The case brings Binance’s complex internal strife and compliance problems to light.

So, here’s the tea: Amrita Srivastava, a former senior exec at Binance, just dropped a lawsuit on the crypto giant, saying they kicked her out after she blew the whistle on some seriously shady business.

Amrita worked on Binance’s Link platform and says she caught a colleague pulling a sneaky move—allegedly taking cash disguised as “consulting fees” to fast-track a customer’s onboarding. The kicker is that this dude didn’t even reveal he worked for Binance. She flagged the whole thing to management in April last year, and then boom, she was out of a job a month later.

Binance, also says it’s not what it looks like. Their take here is Amrita getting fired for her “poor performance,” and it had nothing to do with her whistleblowing. According to Binance they already knew all that and stayed silent.

But Amrita isn’t buying it. She joined Binance in 2022, thinking it’d be all about leveling up compliance and doing crypto right. Instead, she says it was chaos central, with everyone focused on chasing revenue, even if it meant sketchy moves like dealing with Iran-linked clients.

“I couldn’t just look the other way when someone straight-up scammed a customer. Asking for bribes? Defrauding clients? That’s not a gray area—it’s just wrong,” Amrita said.

She’s taking her case to a UK tribunal, where whistleblowing payouts are uncapped. Translation: if she wins, Binance could owe her a serious bag.

Meanwhile, this lawsuit comes as Binance is already in hot water for paying $4.3 billion to settle U.S. anti-money laundering violations. Yikes.

The case isn’t just about Amrita; it’s another messy chapter in Binance’s ongoing saga, giving us all a peek behind the curtain at one of crypto’s biggest players.

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Greenidge Generation Wins Legal Battle to Operate in New York

Summary: Greenidge Generation which is a bitcoin mining company secured a grand and difficult legal victory allowing it Dresden, New York, facility to continue operations. The New York Supreme Court ruled against the state’s department of Environmental Conservation (DEC), calling its falsehood of Title V Air Permit “arbitrary and capricious”. This is a good indication for other mining companies facing such problems but if there’s a problem it must go to legal standpoint and be won like the one Greenidge had.

Court Clears the Way for Greenidge

Greenidge won the legal battle as the New York Supreme Court overturned the DEC’s denial of Greenidge’s air permit, showing a lack of rational basis for its decision. Judge Vincent Dinolfo openly and boldy criticized the DEC’s interpretation of the Climate Leadership and Community Protection Act (CLCPA), which makes sure Greenidge can work without anyone and anything to interuppt, this might just prove to be the most significant win Greenidge has had over the time.

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Legal Battle Overreach

Greenidge had it’s initial plans set as its fresh argument included criticizing DEC for overstepping its authority by denying the permit despite the facility’s following the laws, which shines a truly negative light on DEC. The company stayed on its ground and won the ruling for ” facts and the rule of law” over “politically motivated governmental overreach.”

Looking in the future

This ruling marks Greenidge’s not first not second but seventh favorable decision on operational matters. The company still aims to conduct a partnership with the DEC on a new permit while also improving its contributions to the locals and the economy through job creation and electricity generation. This is a very fascinating case and also a case where everyone can learn something as this case highlights tension between environmental policies and industrial development in New York.

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Bybit is fined $2.4 million by the Dutch Central Bank for a regulatory violation.

In brief

De Nederlandsche Bank (DNB) fined cryptocurrency exchange Bybit $2.4 million for operating in the Netherlands without requiring registration. The fine is an example of how anti-money laundering regulations are strictly enforced in order to prevent illegal financial activities in the bitcoin industry.

X (formerly Twitter) post about Dutch Central Bank

Bybit’s breach of Dutch legislation resulted in their punishment

De Nederlandsche Bank (DNB), the central bank of the Netherlands, fined Bybit €2.2 million ($2.4 million) for providing bitcoin services in the country without the necessary registration. The Anti-Money Laundering and Anti-Terrorist Financing Act requires cryptocurrency providers to register with the DNB in order to prevent illicit financial activity, and Bybit was fined on October 22 for breaking this law.

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In order to prevent illicit money transfers, registration is required

Bybit’s noncompliance, according to DNB, made it more difficult for the business to record odd transactions, which is a crucial legal requirement in the Netherlands. Given that “Bybit was unable to report unusual transactions to the Financial Intelligence Unit-Netherlands during the period of non-compliance,” DNB emphasized the dangers associated with the absence of regulatory control in the cryptocurrency sector.

Consideration of Severity and Mitigation Measures in Fine

The fine amount, according to the central bank, is indicative of the “severity, extent, and duration of Bybit’s non-compliance.” However, DNB pointed out that Bybit’s efforts to resolve the matter resulted in a minor reduction in the punishment, since the company moved its Dutch clients to SATOS B.V., a local partner that possesses the required registration to serve Dutch clients.

Bybit’s Response and Committed Adherence

In reaction to the penalties, Bybit reaffirmed its commitment to regulatory compliance and acknowledged DNB’s ruling. The firm stated in a news release that “remediation efforts were initiated in 2022 to minimize potential financial damage.” Bybit CEO Ben Zhou emphasized the company’s dedication to “responsible growth” within the EU regulatory framework, saying, “We remain committed to working closely with European regulators to build a responsible and transparent ecosystem.”

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Blockchain.com Executives on Trial for Failing to File Financial Reports on Time

Summary

Blockchain.com executives are facing legal charges over late Financial Filing, with hearing scheduled in November.

Executives Face Court Over Financial Delays

Blockchain.com’s co-founder Nicolas Cary and operations executive AI Turnbull are currently facing a lawsuit because of their company’s inability to submit their own financial filings on time. Both of them were called by Companies House in May, with legal proceedings starting in September. A follow-up court hearing is scheduled for November.

Missed Filings Attributed to Restructuring

The lawsuit revolves around Blockchain.com’s late submission of financial accounts for 2022, while the company only filed accounts for 2020 as of October. The firm attributed the delay to a major reconstructing and workforce reduction, which they claimed required time to stabilize. This is a serious issue as, failure to comply with filing regulations could result in significant fines for the executives.

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Valuation Drop Amid Market Challenges

Blockchain.com, founded in 2011, once boasted a valuation of $14 billion but has seen that figure drop to less than half, exacerbated by a $270 million loss tied to the collapse of Three Arrows Capital. Despite these setbacks, the company remains optimistic, stating it has addressed the necessary regulatory paperwork and expects the matter to be resolved quickly.

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