One of the investors just flies a lawsuit against the NY based investment firm called Blue Ocean Capital Group. According to the claim, the plaintiff, a Chinese citizen and California resident was screwed by the firm when he has transferred $2 million to invest the money in MCash.
You don’t need to be a crypto genius to be able to do some quick fact-check: it has no development, no exchange listing and is valued at $0. Nevertheless, the plaintiff invested a whole fortune in it.
He quoted in the filing: “Not only was the MCash Token not properly registered with the U.S. Securities and Exchange Commission (SEC), but more importantly, in connection with selling the MCash Token, Defendants made numerous misrepresentations and omissions that induced Plaintiff to invest $2 million.”
The investor though is now seeking to get $6M in damages.