RATE Group | Bitcoin Exchange BitMEX Faces $300M Investor Lawsuit Over Lost Equity
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Bitcoin Exchange BitMEX Faces $300M Investor Lawsuit Over Lost Equity

12 Dec Bitcoin Exchange BitMEX Faces $300M Investor Lawsuit Over Lost Equity

Posted at 11:20h in Bitcoin News by

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A former JPMorgan derivatives trader is suing one of the world’s biggest cryptocurrency exchanges for $300 million after it allegedly failed to deliver his equity.

According to filing with the Superior Court of the State of California in San Francisco dated Dec. 4, Frank Amato and RGB Coin are now pursuing action against BitMEX, its CEO Arthur Hayes and owner HDR Global Trading.

Investor: BitMEX prevented recognition of entitlement

Amato says he was among the first seed investors in BitMEX in 2015, contributing $30,000 on the understanding he would later receive equity in the company. Amato alleges that this has not happened as of the present day.

Following Amato’s initial investment, the exchange purportedly received another $30,000 from startup accelerator SOSV, which would trigger Amato’s contracted equity conversion. However, the filing states that Hayes “sought to conceal information” from Amato specifically to “prevent recognition of his equity.” 

According to…

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