A lawsuit recently filed at a United States district courtroom at New York claims that an investor was misled into investing $2 million bucks from the cryptocurrency MCash, a Feb. 1 court filing says .
The filing alleges that the plaintiff Lijun Sun transferred $2 million to New-York based investment group Blue Ocean Capital Group, Inc. to Buy MCash tokens, saying:
"Not only was that the MCash Token not correctly enrolled with the U.S. Securities and Exchange Commission (SEC), but furthermore, in relation to selling the MCash Token, Defendants made numerous misrepresentations and omissions that induced Plaintiff to spend $2 billion."
Materials which were supplied to Sun purportedly did not accurately reflect the token or the conditions and conditions of their purchase. Only after purchasing the tokens did Sun realize he would have to enter into a Token Buy Deal perhaps not with Blue Ocean Capital, however with another company, which defendants supposedly did not disclose. MCash Tokens were claimed to be unregistered securities for which there was no legal economy in the U.S.
As stated by the court records, the plaintiff is qualified for recission of his investment in addition to compensatory damages worth $6 million. Sun also alleges that some of the defendants, on behalf of Blue Ocean Capital, dedicated national securities fraud and common law fraud.
Sun wouldn't have spent the funds Blue Ocean Capital, '' he known these details, the filing says. The plaintiff also asserts that in an in-person interview with Antony Liu, the company's president, Liu"acknowledged he was aware that the transaction where he engaged with [the] Plaintiff was not authorized in the United States which he would be subjected to charges of fraud. "
Data on Etherescan reveals which MCash, an ERC-20 Dollar, is kept in two addresses and is worth $0.00 at 0 Ethereum (ETH). Blue Ocean Capital's site is down, but a movie celebrating its grand opening at New York remains on YouTube. The video touts recognitions and awards from Nasdaqsenior vice-president Robert McCooney along with Felix Ortiz, the Assistant Speaker of the New York State Assembly.
The award is generally award to companies in the hospitality sector for example restaurants, golf resorts and hotels.