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US Court Allows Class-Action Lawsuit Against HelbizCoin Creators to Proceed

Algoine News
Summary:
A US court has allowed a class-action lawsuit against HelbizCoin's creators to proceed. The lawsuit alleges fraudulent activity related to an ICO and the issuance of an ERC-20 token. Certain claims were dismissed, but others, including fraud and securities law violations, were allowed to proceed. The lawsuit was initially dismissed but later revived, leading to an amended complaint.
A class-action lawsuit against the creators of HelbizCoin has been given the go-ahead by a United States District Court, according to a court ruling filed on Sept. 1. The lawsuit, originally filed in 2020, alleges that Helbiz, its CEO Salvatore Palella, and its partners engaged in fraudulent activity related to an ICO and the issuance of an ERC-20 token. Investors claim that HelbizCoin was a rug pull and pump-and-dump scheme, with false statements and promises used to deceive buyers. The court partially ruled in favor of the investors, dismissing some claims while allowing others, including fraud and securities law violations, to proceed. However, certain defendants, such as Paysafe, Skrill, Decentral, and Alphabit, were completely dismissed from the case due to lack of personal jurisdiction. The lawsuit was initially dismissed in January 2021 but was later revived in October 2021, leading to the amended complaint filed in March 2022.

Published At

9/4/2023 5:38:09 AM

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