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Crypto Market Maker Sues Fr8 Token Issuer For $1.8M – Law360

Law360 (January 17, 2020, 4:53 PM EST) — A global cryptocurrency market maker and an investor filed a $1.8 million lawsuit in New York federal court accusing Fr8 Network Inc. and two principals of fleecing them with a fraudulent token offering.

GSR Markets Ltd. and Paul Rogers said in their complaint Thursday that Jonathan Fox and Sloan Brakeville, the co-founders of Fr8, had promised that GSR and Rogers’ investments of roughly $830,000 worth of Ethereum would secure them a trove of Fr8 utility tokens for use on the company’s forthcoming trucking industry-oriented marketplace, the Fr8 Board.

No tokens were delivered at the time of that February 2018 investment, however,…

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