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Crypto Firm Accused of Fraud, Duping Investor Into Buying $2 Million in Tokens | | Cryptocurrency news. Breaking news on cryptocurrency.
New York-based firm Blue Ocean Capital is being accused of fraud for allegedly duping an investor out of $2 million A lawsuit recently filed in a United States district court in New York claims that an investor was misled into investing $2 million dollars in the cryptocurrency MCash, a Feb. 1 court filing states.The filing alleges that the plaintiff Lijun Sun transferred $2 million to New-York based investment group Blue Ocean Capital Group, Inc. to purchase MCash tokens, stating:"Not only was the MCash Token not properly registered with the U.S. Securities and Exchange Commission (SEC), but more importantly, in connection with selling the MCash Token, Defendants made numerous misrepresentations and omissions that induced Plaintiff to invest $2 million."Materials that were provided to Sun allegedly did not accurately represent the token or the terms of their purchase. Only after buying the tokens did Sun realize that he would have to enter into a Token Purchase Agreement not with Blue