Binance US and CoinMarketCap face renewed class-action in alleged Hex token manipulation
Summary
A US appeals court partially overturned the dismissal of a class-action lawsuit against Binance.US and CoinMarketCap, finding valid claims of price manipulation of the Hex token. The plaintiff, Ryan Cox, accused the platforms of suppressing Hex's value for their benefit while inflating other cryptocurrencies. The court ruled that the district court had personal jurisdiction over the defendants and upheld Cox's claims of price manipulation, sending the case back for further legal action. Hex, launched in 2019, has faced controversies and been labeled a security token by the SEC. Richard Heart, its creator, has been sued for violating federal securities laws and defrauding investors.
