Legal Action Taken in Alleged Cachecoin Fraud, Pump & Dump Scam
CoinDesk reports that legal action has been taken against a group of individuals who allegedly defrauded their victims using the altcoin Cachecoin.
According to its website, Cachecoin says it's "changing the way people use currency." It is Scrypt-based and says it wants to improve the altcoin ecosystem through various added features and functionality.
The plaintiffs, represented by Akerman LLP, have taken their claims to a Florida court requesting trial by jury. The defendants allegedly marketed mining devices claimed to be in development which they would fund through pre-order sales to customers. Orders were not fulfilled, staff were unresponsive and only partial refunds were issued, according to the allegations.
In addition, customers were offered a discount if purchasing with cachecoins. The alleged fraudsters used this as a means to pump their price through increased demand, causing cachecoin holders to incur losses when the coin was later dumped.
Two plaintiffs claimed to have purchased quantities of cachecoin worth $30,000 and $18,000.
Cachecoin (CACH) trades on Cryptsy against Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that . At its peak in early March, it was worth nearly 0.008 BTC and had a market cap of $1.25 million. It has since lost 99.9% of its bitcoin-denominated value, currently trading at 0.000008 BTC ($0.00248) on a 24 hour volume equivalent to $3. Its market cap is now $825, ranking it 449th among Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw tracked by coinmarketcap.com.
CoinDesk reports that legal action has been taken against a group of individuals who allegedly defrauded their victims using the altcoin Cachecoin.
According to its website, Cachecoin says it's "changing the way people use currency." It is Scrypt-based and says it wants to improve the altcoin ecosystem through various added features and functionality.
The plaintiffs, represented by Akerman LLP, have taken their claims to a Florida court requesting trial by jury. The defendants allegedly marketed mining devices claimed to be in development which they would fund through pre-order sales to customers. Orders were not fulfilled, staff were unresponsive and only partial refunds were issued, according to the allegations.
In addition, customers were offered a discount if purchasing with cachecoins. The alleged fraudsters used this as a means to pump their price through increased demand, causing cachecoin holders to incur losses when the coin was later dumped.
Two plaintiffs claimed to have purchased quantities of cachecoin worth $30,000 and $18,000.
Cachecoin (CACH) trades on Cryptsy against Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that . At its peak in early March, it was worth nearly 0.008 BTC and had a market cap of $1.25 million. It has since lost 99.9% of its bitcoin-denominated value, currently trading at 0.000008 BTC ($0.00248) on a 24 hour volume equivalent to $3. Its market cap is now $825, ranking it 449th among Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw tracked by coinmarketcap.com.