The Attorney General of New York Democrat Letitia James has permanently shut down the Coinseed crypto exchange. The exchange has converted all its users’ funds into dogecoins without their knowledge. Due to the numerous complaints on the crypto exchange, the NYAG officer, James wins the judgement against the crypto exchange to stop all of its operations.
Moreover, the CEO of the Coinseed exchange was warned to halt their illicit and fraudulent operations. Along with a penalty of $3 Million for freezing the customers accounts and converting their funds into Dogecoins (DOGE). This results in a huge impact affecting the savings of many investors.
Coinseed To Shut Down for Lifetime
Earlier in February, the NYAG officer, James filed a case on the Coinseed crypto exchange for defrauding the monetary funds of millions of investors. Despite the lawsuit the CEO of Coinseed, Delgerdalai Davaasambuu continued his fraudulent process.
Besides, the most interesting part is that the entire exchange team was cheating the users in a very smart way. Coinseed and its CEO were trading in the users accounts without their knowledge. And finally these fraudsters were blocking the investors from accessing their accounts.
However, by monitoring these deceit acts from the Coinseed community, James filed a case according to Law360. And as a result the New York County State Supreme Court passes a judgement on Monday. Thus, James won the case and permanently shuttered the Coinseed crypto platform. The Attorney General were very concerned about the investors and states,
“For years, Coinseed and its CEO have been involved in egregious and fraudulent activities deceiving millions of investors. Thus, we will continue to pursue all who attempt to mishandle the system and ensure investors are safe and secure.”
Notably, after James filed the lawsuit to the court, the NYAG office received more than 175 complaints from investors. All the request letters were regarding to save their accounts from the fraudsters group. Thus, through winning the case against the Coinseed, General Attorney James today shut down the entire operations of the crypto exchange.