_:n77cfaf2843ab4fd0898874d020422a4axb0
<http://schema.org/articleBody>
" \r\n\n        \n            \n\n        \t\tNew York Attorney General Letitia James is seeking a court order to immediately shut down the operations of cryptocurrency exchange Coinseed. The attorney general previously filed a lawsuit against the crypto exchange but the platform allegedly continued to operate and dupe investors.\nUS Authorities Take Urgent Action Against Coinseed\nThe Office of Attorney General Letitia James announced Friday that the attorney general “has taken legal action to immediately halt the continued illegal and fraudulent operations of the cryptocurrency trading platform Coinseed Inc.”\nA motion was filed late Thursday “asking the court for a temporary restraining order, a preliminary injunction, and the appointment of a receiver to immediately block Coinseed and its CEO from making any further unauthorized trades and safeguarding investors’ monies,” the notice reads. The receiver will “oversee all assets in an effort to safeguard investments as Attorney General James’ lawsuit proceeds.”\nJames filed a lawsuit in February against Coinseed and its two top executives, including founder and CEO Delgerdalai Davaasambuu. They allegedly “violated New York state laws and illegally squandered investors’ monies.”\nHowever, in the months since the lawsuit was filed, “the greed perpetrated by Coinseed and its CEO has not only continued, but grown,” the announcement describes, adding that “Coinseed and its CEO have continued their fraud and the Office of the Attorney General (OAG) has learned of new fraudulent conduct.” Within the last three months, the OAG “has received over 130 complaints from investors who are concerned about protecting their assets due to Coinseed’s fraudulent conduct.” According to the lawsuit filed, the platform allegedly “defrauded thousands of investors across the nation.”\n\nThe attorney general elaborated:\nThis company has continued to operate illegally — holding investors’ funds hostage and conducting unauthorized trades in investors’ portfolios, while depleting accounts and transferring virtual currency to an offshore, unregulated trading platform.\n“We filed this motion to immediately halt Coinseed’s unlawful activity and protect the investments that are left,” she concluded.\nWhat do you think about the NY attorney general’s action against Coinseed crypto exchange? Let us know in the comments section below.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n        \n\n        \n\n\n\n        \n\t\t            Image Credits: Shutterstock, Pixabay, Wiki Commons\n\t\t\n        \n\n\t\tDisclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.\n\n        \n\n\t\t        (function(d, s, id) {\n        var js, fjs = d.getElementsByTagName(s)[0];\n        if (d.getElementById(id)) return;\n        js = d.createElement(s); js.id = id;\n        js.src=\"https://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v3.2\";\n        fjs.parentNode.insertBefore(js, fjs);\n    }(document, 'script', 'facebook-jssdk'));\r\n\r\nSource link "
<https://cryptlivemarket.com/2021/05/08/us-authorities-seek-court-order-to-shut-down-crypto-trading-platform-allegedly-duping-thousands-of-investors-regulation-bitcoin-news/>