Law360 (July 17, 2019, 6:43 PM EDT) — Early last year, executives behind a cryptocurrency dubbed kCoin made false promises of an upcoming launch, enticing investors whose money they ultimately pocketed, an investor alleged Tuesday in California federal court.
The investor Merkamerica Inc. claims Kowala SEZC and its top three executives falsely promised in January 2018 the cryptocurrency was mere months from launching, prompting Merkamerica to pay about $308,000 for the right to mine the cryptocurrency. Mining is the use of computing power to solve complex equations to verify transactions in a virtual currency, with the winner who first completes an equation awarded new units of the currency….
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