Yesterday, the New York Attorney General’s Office issued an order to shut down Coinseed, a San Francisco-based Bitcoin mining company. The company was accused of overstating the amount of Bitcoin and Litecoin that its customers would earn. The order came after a class action lawsuit that accused Coinseed of defrauding customers.
Yesterday, the New York Attorney General’s office filed a lawsuit against Coinseed, a cryptocurrency mining company which was described as “one of the largest and oldest in the industry”. The AG’s office claimed that Coinseed violated the state’s BitLicense regulations. The company’s CEO, however, has created a profanity-laden token that is exclusively available to his attorney’s office, as a means of protesting the AG’s lawsuit.
While the Coinseed lawsuit was not the first of its kind, it was the first one that was being pursued by a court in New York. The AG stated that the company’s website, “disseminate[d] information relating to the sale and distribution of lottery and raffle tickets in New York state in a manner that is unlawful under New York law.”Crypto-currency exchange platform Coinseed is ceasing operations, according to a written statement from the company’s CEO, Delgerdalai Davaasambuu. New York Attorney General Letitia James is demanding that Coinseed cease all operations. After the closure was announced, Coinseed’s CEO said he had created an ERC20 token called FLJ, dedicated to James the lawyer and his cronies.
New York Attorney General Letitia James obtained a court order, the office filed 170 complaints
Coinseed is ceasing operations after receiving a court order for mandatory closure. Bitcoin.com News reported in the first week of May when James announced that the attorney general had filed a lawsuit against Coinseed. The US government has also ordered the platform to immediately cease its operations. The court order obtained by the New York Attorney General’s Office (NYAG) and the subsequent press release indicate that the closure is intended to protect investors’ money in the future. In addition, the NYAG claims to have received more than 170 complaints from investors involved in Coinseed transactions. When platforms operating illegally in New York attempt to trade investors’ money, we will use every tool at our disposal to stop their illegal actions, Attorney General James said. This ruling appoints a receiver before Coinseed and its CEO squander any more investments. We will not allow fraudsters to hold innocent investors’ money hostage, the NYAG spokesperson added.
Coinseed CEO says NYC crypto operator will manage FLJ token created for NYAG and cronies
CEO Delgerdalai Davaasambuu wrote on coinseed.co that the company’s fatal flaw was its association with New York State. Coinseed completed an Initial Coin Offering (ICO) in 2017, and according to the CEO, these funds were raised from non-US investors (primarily European) to support Coinseed’s future development. Immediately after the ICO, they called us up for the ICO and harassed us constantly for 3 years, the Coinseed manager pointed out. He added: Escape from New York if you have a cryptocurrency business there. The Coinseed CEO also revealed that he created a token for NYAG Letitia James and her cronies and called it FLJ (F*** Letita James). Davaasambuu left the address of the FLJ contract and told people to check it out. It will soon be hosted on various decentralised financial platforms (Defi) and available for trading, Davaasambuu concluded. I will also donate some FLJ tokens to the NYAG office to support their other causes, the Coinseed CEO said at the end of his letter. How do you feel about Coinseed going out of business and issuing FLJ tokens? Let us know what you think in the comments below.
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Attorney General, bitcoin, Coinseed, Coinseed Executive, cryptovalue exchange, cryptovalue exchange, Del, Delgerdalai Davaasambuu, FLJ token, ICO, lawsuit, Letitia James, New York, shut down cryptovalue exchange Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.NYAG Court Order to Shut Down Coinseed Succeeds, CEO Creates Profanity Token for Attorney General – Bitcoin News. Read more about coinseed sec and let us know what you think.
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