The class-action lawsuit against the creators of HelbizCoin centers on fraudulent promises and price manipulation, adding complexity to cryptocurrency regulations as the coin is classified as a security under federal law. This case could broadly impact the relationship between national laws, international jurisdictions, and global networks, potentially leading to stricter regulations and reshaping the crypto-market.
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Landmark Court Ruling: The HelbizCoin Class Action Suit and an Awaited Legal Framework for Crypto
The United States District Court has allowed a class action suit against the creators of HelbizCoin, marking a significant step towards effective regulation in the crypto world. Accused of a deceptive pump-and-dump scheme by around 20,000 investors, Helbiz has wound up in court where accusations of fraud, price manipulation, and violations of securities and commodities laws have been upheld.