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Class Action Lawsuit Against Mark Cuban Backed Unikrn

August 17, 2018

 

 

A resident of Las Vegas has filed a case that is being brought to court in Washington State on Aug. 13 by John Hastings against Unikrn. They allege that Unikrn and its founder Rahul Sood sold unregistered securities to the public through their ICO. The token sale ran between September and October of last year, raising $31 million (at that time) for sale of UnikoinGold Tokens (UKG).

 

They cite that Unikrn “crafted a flimsy facade that UKG Tokens are not securities by claiming they are 'utility tokens.” The lawsuit is likely being filed in relation to the drastic decrease in price the coin has seen since it’s all-time-high of around $2 earlier this year, to now under $0.10.

 

Unikrn

 

Founded on the growing internet sports betting industry, Unikrn hoped to take advantage of the benefits of cryptocurrency and blockchain to facilitate a superior platform. The platform is up and running, and the organization is headquartered in Las Vegas, Nevada with offices in Seattle USA, Sydney Australia and Berlin, Germany.

 

Using cryptocurrency allows users from around the world to more easily participate in the platform, because the only currency used is the UKG token, rather than having to deal with deposits of many types of fiat currencies.

 

They received a marketing boost when Mark Cuban reported that he had Invested in the ICO. However, a file submitted by Unikrn to the U.S. Securities and Exchange Commission (SEC) on Oct. 6 states that the firm also raised $16 million outside of the ICO as well. This came from accredited investors using SAFT (Simple Agreement for Future Tokens) investment contracts.

 

Mark Cuban and Cryptocurrency

 

“There was a time when collecting comic books was hot and then the price went through the roof. There was a time when you collected stamps or coins and I did stamps as a kid and made a boatload of money doing it. That’s what we’re talking about here.” - Mark Cuban

 

Dallas Mavericks

 

Earlier this year Mark Cuban announced plans to accept cryptocurrency for tickets and merchandise next season, beginning with CyberMiles Tokens, Bitcoin and Ethereum. They are the second team to do so, after the Sacramento Kings accepted Bitcoin in 2014.

 

CyberMiles

 

Further plans include a jersey patch for 5miles, a mobile, local marketplace platform for the goods new or used, and services that accepts CyberMiles Token as well. The platform built customized smart contract templates for e-commerce companies to easily gain the benefits of blockchain and cryptocurrencies/

 

 

By: BGN Editorial Staff

 

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