Binance US and CoinMarketCap Face Renewed Lawsuit Over HEX Manipulation!
Analysis
August 13, 2024 8:32 PM
In Brief:
A US appeals court has reinstated a class-action lawsuit against Binance.US and CoinMarketCap, accusing them of manipulating the HEX token's price.
The court found sufficient grounds for the case, reversing a previous dismissal and allowing further legal proceedings.
Binance US and CoinMarketCap Face Renewed HEX Manipulation Lawsuit
A US appeals court has partially overturned the dismissal of a class-action lawsuit against Binance.US and CoinMarketCap, accusing them of manipulating the HEX token's price.
The plaintiff, Ryan Cox, claims that the platforms suppressed HEX's value for financial gain, inflating other cryptocurrencies' values instead.
Court Reverses Previous Dismissal
Initially dismissed in February 2023 due to jurisdictional issues, the case has been revived after the appellate court found sufficient contacts between the defendants and the US.
The court upheld Cox's claims of price manipulation, sending the case back for further legal action.
HEX, launched in 2019 and labeled a security token by the SEC, has been surrounded by controversies, including legal action against its founder, Richard Heart.
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