Vancouver crypto Investor Sues Stox Blockchain Firm

Hey ninjas, how’s the trading going? On the day, the majority of the top cryptocurrencies are reporting gains. Top altcoins Ethereum and XRP are both reporting gains of 1.21% and 0.76% respectively, and are trading at $155 and $0.23 at press time. The largest cryptocurrency Bitcoin is also reporting gains of 0.885 and is trading at $7,721 at press time. 

A dissatisfied cryptocurrency investor in the United States is suing Stox blockchain firm and its founder Moshe Hogeg. Stox is an open-source blockchain prediction market platform based on Ethereum. 

Sean Snyder, a Vancouver based crypto investor has accused Hogeg and his blockchain firm of fraud and contract breaching which has caused him to lose at least $430,000. 

According to the 43-page lawsuit filed on the 25th of November, Stox blockchain firm did not perform its under its whitepaper when the firm issued larger amounts of tokens than what was originally announced, Sean Snyder claims that this act caused a significant decrease in the value of its digital currency. 

Of the 43 million STX in circulation, Snyder flooded the market with 16 million STX. Snyder also accused Hogeg of using investor money for personal purchases, these purchases include a $19 million land in Tel Aviv, acquiring one of Jerusalem’s top soccer clubs with $7 million and donating $1.9 million to Tel Aviv University. 

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