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A lawsuit against the ATBCoin project

Investors of the blocking start-up ATBCoin filed a lawsuit in the Southern District of New York against the project for placing shares on the market of shares not registered by the US Securities and Exchange Commission. This is reported by CCN .

"The initial placement of coins by ATBCoin was nothing more than the sale of securities, as both the defendants, plaintiffs and other project investors expected that the cost of ATB coins would exceed the amount of the original investments in the equivalent of ETH, BTC and LTC. Defendants also explicitly called ICO participants "investors" and repeatedly promised profits to ATB coin holders, "the suit said .

It is worth noting that the plaintiffs accused the co-founder of the Herbert Hoover project of spreading false information about their origin from US President Herbert Clark Hoover and the family that founded the Hoover Company.

"It's simply impossible, because these families are not connected in any way, " the document says .

In turn, representatives of the startup said that they never accepted investments from American citizens, and that this requirement was registered in the conditions of user registration. In addition, they stressed that they do not conduct commercial activities in the US, although their headquarters is located in the Trump Tower in New York.

Shortly after the ICO, the weighted average ATB rate reached $ 1.52, and then collapsed to $ 0.48. Probably, that's why investors and "took up arms" on the project, because they expected profits on speculative games.