Nano Will Be Sued for Violating U.S. Securities Law.

    2018/04/09 16:55 Angel lv Created with Sketch.

Cointime (April 9) — Nano investors filed a class action lawsuit against the company with the US District Court in the Eastern District of New York. 


It was reported that Alex Brola is working with Silver Miller, the Business and Investment Fraud Contingency law firm, to sue the Nano Team. They claim Nano’s team sold investors unregistered securities, which violates the US Securities Act. 

Furthermore, Nano’s team also misreport the reliability of the Italian cryptocurrency exchange BitGrail. In mid-February this year, about 17 million Nano Coins were stolen, which is equivalent to $187 million. 

BitGrail declared bankruptcy on February 9th. Nano’s team stated Francesco Firano, the owner of BitGrail, alerted a cyber attack but withheld the information of bankruptcy. Afterward, Nano official team issued an official statement said the cryptocurrency deliberately misled them. 

Alex Brola is requesting Nano’s team to create a bifurcation to make up the losses for the investors. Brola purchased $50,000 worth of Nano coin on December 10th, 2017. However, according to the Silver Miller Law Firm, hundreds of people contacted them and expressed their willingness to conduct a class action together. 

The Silver Miller law firm is well-known in the cryptocurrency circle where they filed lawsuits against exchanges such as Coinbase, Kraken, Bitconnect, Money Capital, Gigawatt, Tezo, and Cryptsy. The law firm issued a notice that it would support the investors, victims, and plaintiff, of Nano coin and its team. 

    Adapted from: CoinTime Executive editor: Angel
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