Largest US cryptocurrency exchange accused of fraud!

Coinbase CEO is accused of stealing the business of a blockchain startup from a rival project under the pretext of a potential investment, according to an alleged fraud suit by the largest US cryptocurrency exchange.

It comes after Coinbase CEO Brian Armstrong announced he was designing a platform for publishing academic research using tradable cryptocurrencies when he learned of a similar platform called Knowledgr, according to a complaint filed on Friday. in California from MouseBelt Labs, a blockchain accelerator that has already invested making money in Knowledgr, according to CNET, and Al Arabiya.net reviewed it.

The lawsuit alleged that after learning about Knowledgr and the start of his secret project, Armstrong offered the project leader a financial investment and the opportunity to list the token on Coinbase, according to the MouseBelt complaint.

The complaint alleged that the Knowledgr leader was mired in debt, information Armstrong used “to acquire a controlling stake in the project and dilute MouseBelt’s investment.”

The lawsuit also alleged that Armstrong “had no intention” of funding Knowledgr or helping launch his project. Instead, his plan was to turn the startup company’s assets into his own business and eliminate a potential competitor.

Coinbase – which was listed in bag at the beginning of questyear and whose IPO triggered a sharp rise in cryptocurrencies – did not comment on the lawsuit.

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