OPSkins and WAX files for judgement of dismissal of fraudulent ICO charges – ICO News

OPSkins Group has filed a request to the court, pleading to drop the charges against the firm. Crypto Asset Fund, one of the ICO investors, has accused the group of conducting fraudulent offerings, unlawful business practices, and violating the Securities Act. The plaintiff has charged the firm of not registering its investment with the US SEC and issuing tokens more than decided. The trial is scheduled for November 18.

OPSkins Group and Worldwide Asset eXchange (WAX) has reportedly requested the court to dismiss the charges against it by the Crypto Asset Fund. The company sent a letter to the California District Court, claiming that the accusations are “referable to arbitration.” Moreover, the plea is sent out just before a few days of the hearing, which is scheduled to take place on November 18.

The video game virtual goods firm is accused of carrying out a fraudulent ICO and violating the Securities Act. Also, Crypto Asset Fund, the plaintiff, is one of the investors who has imposed the allegations. According to the plaintiff, it invested $1.2 million in the tokens issued in 2017, but the firm did not register them with the Securities and Exchange Commission. Besides this, the OPSkins group issued 1.85 billion tokens rather than 185 million and lingered the delivery to pump the demand in the market.

In the letter sent to the California District Court, the firm writes, “The Opposition filed by Plaintiffs Crypto Asset Fund, LLC, and Digital Capital Management, LLC, does not make any new arguments or allege any new facts. Specifically, the Opposition does not counter that OPSkins Group is a Canadian entity with operations solely in Canada, thereby providing a basis for application of the International Convention on the Recognition and Enforcement of Arbitral Awards, in addition to the bases set forth in the Motion of Defendant Exposition Park Holdings SEZC and EPH’s Reply in support thereof.”

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Alexander Aryan
Alexander Aryan
After completing his Masters in Business Administration and Management from the California State University, Alexander dedicated his life into studying and writing about bitcoin and the technology behind it as he believes it to be the money of the future. Apart form being a writer, Alex is also a great speaker and loves to participate in blockchain events.

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