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Crypto Trading Platform Closes Down Amid Lawsuit

  • Coinseed crypto exchange will be closing down soon
  • This is due to its lawsuit from the New York Attorney General (NYAG).
  • Coinseed’s CEO is having an airdrop as his last stand against the matter.

Coinseed, the crypto trading platform, will be shutting down soon. This is because of the lawsuit it is facing from the New York Attorney General (NYAG).

The Founder and CEO of Coinseed, Delgerdalai Davaasambuu, put up a strong message out for all the users on the exchange so far. Above all, he thanks all the users for their continued support.

New York Attorney General, Letitia James, led the lawsuit. The charges were based on the alleged violations of the Martin Act. This act monitors fraudulent activities in New York.

Back in 2018, Coinseed raised $1 million via an initial coin offering (ICO). According to the NYAG, Coinseed was responsible for offering unregistered securities as an ICO. In turn, Coinseed evaded certain allegations by stating that its funds came from non-US residents.

Additionally, Davaasambuu clarifies that during Coinseed’s run, the exchange did not receive a single complaint from the investors about its ICO. In contrast, James says they got no less than over 170 complaints from multiple investors.

Initially, Davaasambuu made Coinseed because he believes in simplifying crypto investments. He stands by his idea and said that he is proud of what he has built. Moreover, he believes he has proven that micro-investing is the best way to invest in highly volatile markets.

I’m proud of what I have built and proved, but at the same time it’s immensely mournful and frustrating to shut down the business I have been building for 4 years.

Above all, Davaasambuu is heartbroken about the whole ordeal. Even so, but made sure to reach out to all the users to thank them for their love and support. However, Davaasambuu is airdropping a special ERC-20 token as a last-ditch effort at avenging Coinseed. All interested parties can receive the token known as  FLJ (FuckLetitaJames) by joining the airdrop on the Coinseed website.

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Collins Adane

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.

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