Everett McKinley Dirksen U.S. Courthouse in Chicago. (Courtesy photo) Jump Trading Accused of Crypto 'Pump and Dump' Scheme
"Anytime you have people poking holes in something that somebody else did, whether they are regulatory or civil actions, it can help guide lawyers in providing better compliance advice to their clients," said Teresa Goody Guillén, a partner at Baker & Hostetler and a crypto expert.
October 16, 2024 at 03:15 PM
4 minute read
What You Need to Know
- An independent crypto-gaming developer planned an initial exchange offering of DIO tokens to raise capital for a project.
- An established trading firm is accused of facilitating the offering on behalf of the crypto-gaming developer.
An independent crypto-gaming developer sued an established trading firm in a federal district court in Illinois that facilitated an initial exchange offering on behalf of the company, but instead allegedly carried out a "pump and dump" scheme that netted an eight-figure return.
Deanna Lee Oswald and Benjamin H. Brodsky, of counsel and a shareholder, respectively at Brodsky Fotiu-Wojtowicz in Miami, represent the plaintiff, FractureLabs OÜ, an Estonia-based company, that sued the defendant, Jump Trading LLC, for fraud and deceit, civil conspiracy, breach of contract and breach of fiduciary duty. Oswald and Brodsky did not respond to a request for comment; neither did Jump.
Teresa Goody Guillén of Baker & Hostetler. Courtesy photo NOT FOR REPRINT
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