Crypto Market manipulation lawsuit against FTX Trading seeking $150M contains more words than substance
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Quick Take
- 13-Count California federal court lawsuit by Bitcoin Manipulation Abatement LLC seeks $150 million in damages from FTX Trading and other defendants
- Plaintiff says Defendants engaged in wide spread crypto market manipulation, seek damages under federal RICO statute, Commodities Exchange, Cal state law and under various common law and equitable theories
- Lawsuit is long on words and short factual specificity and seems vulnerable to attack on multiple grounds and stands a significant chance of being dismissed if defendants hire good lawyer
Link to lawsuit A couple of preliminary thoughts. First, just because a lawsuit is long doesn’t mean it’s a “serious” lawsuit. Second, just because a lawsuit asks for $150 million doesn’t mean it’s a “$150 million lawsuit.” Or as one wag on twitter put it: Yes, OK, that wag was me. Still, let’s just start […]
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