RATE Group | Class Action Suits Launched Against Cryptocurrency Mining Investment …
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Class Action Suits Launched Against Cryptocurrency Mining Investment …

18 Oct Class Action Suits Launched Against Cryptocurrency Mining Investment …

Posted at 00:03h in Cryptocurrency News by

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The law offices of Pomerantz LLP in New York have filed a series of civil suits against MGT Capital Investment and its executive officers on behalf of several of the trading firm’s past or present customers. The suits allege that between October 9, 2015 and September 7, 2018, the company violated laws set forth by the Securities Exchange Act of 1934 that resulted in damages to several of its clients.

Between 2013 and April 2016, MGT described itself as “engaged in the business of acquiring, developing and monetizing social assets in the online and mobile gaming space, as well as the social casino industry.” In May 2016, however, the company revamped itself as a cybersecurity firm and developed bitcoin mining operations in both Washington state and Sweden. It was during this time that the company’s shares rose to some of their highest levels.

Stephen Schaeffer is the chief operating officer of MGT. Speaking with Bitcoin Magazine, he said that he believes any monetary losses…

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