Game Platform ICO Hype Caused ‘Mass Confusion,’ Suit Says


Law360 (August 13, 2019, 8:07 PM EDT) — Two cryptocurrency asset managers have filed suit in California federal court against a platform used to trade the virtual goods from video games, accusing the company of running an unregulated gambling site and saying it should have made that business model clear leading up to the platform’s initial coin offering.

The California-based managers, Crypto Asset Fund and Digital Capital Management, allege that two related companies, OPSkins and Worldwide Asset eXchange, or WAX, misrepresented their business to investors leading up to an initial coin offering in the fall of 2017. The deceptive hype precipitated an offering characterized by “mass confusion,” which resulted…

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