Investors increase the amount of claims against the BitMEX exchange to $ 540 million
Investors have filed an updated lawsuit against the crypto derivatives exchange BitMEX and its founder Arthur Hayes, increasing the requested payment from $ 300 million to $ 540 million, writes The Block.
The lawsuit was originally filed last December. According to plaintiffs, Frank Amato and RGB Coin Ltd, in 2015 they invested $ 30,000 in BitMEX, which should have been converted into equity participation after the end of the first round of fundraising, but this did not happen. Then the plaintiffs wanted to sue $ 50 million on account of the non-provided share and $ 250 million in damages..
The updated document included a new claimant, Elfio Guido, who participated in BitMEX’s second round of seed funding. Together with him, the value of the share demanded by investors increased to $ 90 million, and compensation for harm – to $ 450 million.
The plaintiffs say they took on “incredible risks” when they decided to become the first outside investors in BitMEX, but the defendants “are cynically trying to deny their right to earnings.” The claimed amounts of damage, they said, are based on “conservative estimates.”.
“The executives of BitMEX, especially the defendant Hayes, also took other actions, including violating state securities laws, which negatively affected the property of the plaintiffs,” the document says..
BitMEX said last December that it will defend its interests through legal methods and will not provide additional comments..
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