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ATBCoin Investors Seek Class Cert. To Pursue Fraud Claims – Law360


By Elise Hansen (July 1, 2022, 9:21 PM EDT) — Investors in defunct cryptocurrency venture ATBCoin are requesting class certification before they seek a default judgment against the venture’s principals, according to documents filed in New York federal court.

Lead plaintiff Raymond Balestra on Thursday asked the court to certify a class of investors who bought ATBCoin’s digital asset ATB during the startup’s initial coin offering in 2017. The offering raised more than $20 million from thousands of investors, according to Balestra’s complaint, but the tokens’ value later plunged more than 85% after the startup’s technology didn’t live up to the hype.

Balestra, who argues the tokens were securities in an…

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