Chain News by Thebittimes.Com

According to sources familiar with the Richard Hall and Lukasz Juraszek vs Rainberry Inc. lawsuit, Justin Sun was not entitled to use diplomatic immunity to avoid liability concerning his actions while running the BitTorrent buyer. This is despite long-term claims from the Tron founder’s legal team that his ambassadorial roles handed him this loophole. A Web3 of lies In 2021, Grenada announced that Sun had been appointed the Ambassador, Permanent Representative of Grenada to the World Trade Organization. This is true, as evidenced by a 2024 Grenadian news article that states Sun was terminated from his UN position, along with a slew of other foreigners who had cushy diplomatic roles, in 2022. Protos has also obtained documentation confirming Sun’s status as a diplomat for Grenada and a visa proving that he was Ambassador for Science and Emerging Technology for Grenada’s Mission to the United Nations. However, as detailed by the Associate Spokesperson for the Secretary-Gene...

Crypto lending giant Genesis has reached a new repayment deal agreement with its parent company Digital Currency Group. Crypto behemoth Digital Currency Group (DCG) has reached an agreement with its trading subsidiary Genesis Global as part of a $620 million lawsuit . According to Bloomberg, DCG has agreed to pay nearly $200 million in Bitcoin (BTC) and U.S. dollars over the next few weeks, with another sum to be paid by April 2024. Genesis lawyer Sean O’Neal says the deal will allow Genesis to avoid months of costly legal battles. Yet, he noted that the deal doesn’t resolve other disputes as part of Genesis’s plan for resolving its bankruptcy. You might also like: Alameda Research to claim $175m from Genesis’ assets The agreement comes a few months after Genesis filed a lawsuit against its parent company, DCG, seeking to recover $620 million in unpaid loans amid ongoing bankruptcy proceedings and settlement talks. Genesis Global filed for Chapter ...

A California resident has filed a class-action lawsuit against Binance.US and its CEO, Changpeng Zhao, in the District Court of Northern California on October 2nd. The lawsuit alleges various violations of federal and California laws related to unfair competition and an attempt to monopolize the cryptocurrency market by causing harm to its competitor, FTX. The plaintiff, identified only as a California resident named Nir Lahav, claims that Binance’s actions, particularly tweets by CEO Changpeng Zhao in November, led to the collapse of FTX. The lawsuit focuses on posts made by Zhao on Twitter in early November, just before FTX’s collapse. These posts coincided with Binance’s decision to liquidate its holdings in the FTX utility token, FTT, on November 6th. The plaintiffs estimated that Binance held up to 5% of all FTT tokens. Zhao’s tweet on November 6th, stating, “Due to recent revelations that have come to light, we have decided to liquidate any remainin...

The lawsuit alleged that these VC firms made many deceptive and misleading statements about FTX while encouraging customers to invest in the exchange for their personal gain. A total of 18 leading venture capital investment firms including the likes of Temasek, Sequoia Capital, Sino Global and Softbank have been named as defendants in a class action lawsuit filed in Miami for their links to now-bankrupt crypto exchange FTX. The lawsuit filed on Aug.7 alleged that these investment firms were responsible for 'aiding and abetting' FTX fraud . The suit claimed that the defendants in the case used their “power, influence and deep pockets to launch FTX’s house of cards to its multibillion-dollar scale”. Snippet of Cabo vs. Temasek Holdings lawsuit. Source: courtlistener.com The lawsuit noted that the FTX cryptocurrency exchange violated several securities laws and stole customers' funds while the defendant VC firms especially the likes of Temasek offered an illusive picture o...