chepicap.com
In a new lawsuit filed on February 1st in a United States district court in New York, a investor in the cryptocurrency MCash, claims he was misled in investing $2 million in the crypto.
Lijun Sun, the plaintiff, transferred $2 million of his money to the investment group Blue Ocean Capital Group, with intentions to purchase the MCash tokens. Sun is accusing that the documents that were provided to him about MCash did not accurately represent the token or the terms of the purchase. He claims that he only became fully aware of the terms after buying the tokens.
Sun entered a Token Purchase Agreement with a company other than Blue Ocean Capital, in which the defendants did not disclose and which he did not know about until after making the purchase. MCash tokens are also unregistered securities, which means there is no legal market for in the United States.
As quoted from the filing:
“Not only was the MCash Token not properly registered with the U.S. Securities and Exchange Commission (SEC), but more importantly, in connection with selling the MCash Token, Defendants made numerous misrepresentations and omissions that induced Plaintiff to invest $2 million.”
Sun also alleges that some of the defendants are committing federal securities fraud along with common law fraud, on behalf of Blue Ocean Capital. According to court documents the plaintiff is entitled to recission of his investment, along with compensation for damages worth $6 million.
Sun, via the filing, is claiming that he never would have gone forward with investing with Blue Ocean Capital, had all the facts been presented to him. He also claims that he had an in person meeting with Blue Ocean Capital’s president, Antony Liu, where he “acknowledged that he was aware that the transaction in which he engaged with [the] Plaintiff was not legal in the United States and that he could be exposed to charges of fraud.“
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