In New York City, a class action lawsuit has been filed against ATB Coin Llc. for raising more than 20 million dollars in an initial offer of currency (ICO) that was not registered with the Securities and Exchange Commission (SEC) of the United States.
This claim was made by Raymond Balestra in recent days on behalf of the others affected. The plaintiffs specify that this initial offer must be considered a value, and that, as such, it must be governed by the US laws that regulate them.
The ICO was ruled by ATB Coin for June 12, proposing to its investors the launch of a new blockchain that would use lightning network technology and SegWit (one of the proposals for scalability for bitcoin) with the promise of making more transactions fast It also raised the creation of 50 million cryptocurrencies supported by this technology that would receive the name of ATB, as it can be read on its white paper:
The cutting edge solution [from Atb Coin] is based on the most advanced technological capabilities of the SegWit & Lightning Network to offer fast, secure and almost zero payments to anyone in the world. It is designed to overcome well-known inefficiencies within the central banks of the government and other cryptographic currencies. Induce transactions that are completely secure, private and anonymous.
ATB Coin Llc.
The demand specifies that the offer was postponed as the tokens increased in price. The means of payment offered by the company could be settled in bitcoin, litcoin or ether. They were increasing from 1 dollar, in June, to 1.5 dollars in August, in the month of September they came to be worth 2.5 dollars per token.
Those affected demand that, because it is an investment, their money should acquire greater value. However, to date each ATB currency has a value of 0.5 dollars, which would imply a substantial loss of the money invested.
The Violation of the United States Securities Law is denounced in the lawsuit, however, at the beginning of December, the SEC issued a statement in which its chairman, Jay Clayton, declared that no Offer had been registered to date. Initial of Currency before this Securities and Exchange Commission.
Similarly, through an entry on his blog, on September 18 the company emphasized that in its terms and conditions specified that they did not make any sale to US citizens and that this was the main condition for the registration of each user, what could be used as a defense argument by the company:
At the moment, the ATB currency investor can be a citizen of any other country and must obey the rules that operate in its territory. These conditions are indicated in the clauses of our Offer. All users must accept the terms of this Offer when registering to confirm their knowledge of the details of the cryptocurrency and the possible risks.
Attention! At the moment, we do not sell coins to US citizens and do not conduct financial activities in the United States.
ATBCoin Llc.
Throughout the world, government policies against the ICOs increased in this 2017, because they are mostly cases in which investors could be harmed, seeing the money invested disappear without any kind of remuneration or return. the investment.
The average collection of ICO this year was 14 million dollars, so the initial offer made by ATBCoin is among one of the largest.
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