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BNT-USD.CC
id: 733

BProtocol Foundation "Bancor" (BNT) Unregistered Tokens Case

Both parties are exchanging evidence and gathering information for the case.
W.D. Texas
Court
23-CV-00533
Case number
06/12/2017
Class period Start
05/11/203
Class period End

ANY INVESTOR/USER who suffered losses from BProtocol Foundation "Bancor" (BNT) unregistered securities can JOIN CASE!

On June 12, 2017, Bancor completed its ICO, raising a record $153 million through offering and selling unregistered securities in violation of federal securities laws.

On June 19, 2022, a spike in withdrawals triggered significant payment obligations to LP Program investors.

  • Instead of making those payments, they unilaterally purported to “suspend” impermanent loss protection, which meant that withdrawing LPs incurred the very losses that Bancor had promised to “100% protect” against.

  • The program also imposed additional severe haircuts on withdrawing LPs, initially without disclosing them at all, but instead simply failing to pay withdrawing LPs amounts they were indisputably owed under the terms of their investment in the LP Program.

  • Investors lost tens of millions of dollars as a result. In many instances, the loss was catastrophic for the individual investor.

As a result of the alleged adverse actions and omissions, BNT Investors were seriously damaged.

Case Type
US Securities Class Action
Case Status
Case Discovery
Alleged Offence
Fraud, 
Malpractice, 
Negligence, 
Breach of Fiduciary duty
Suspected Party
Directors, 
Management, 
Shareholder, 
Influencer, 
Hedge Fund
Security Type
Crypto Asset
Trade Direction
Long
Shock Event Date
05/11/2023
Filing date
05/11/2023