April 19, 2024
Latest Cryptocurrency News

Crypto Creator Sells Home to Pursue Legal Battle Against Exchange Amidst Allegations of Negligence

Token creator Bryan Lawrence, who had aspirations of listing his token on the prominent cryptocurrency exchange Crypto.com, is said to have resorted to selling his residence in order to instigate a legal dispute instead. His claim centers around allegations of negligence against the exchange.

In Bryan Lawrence’s own words, ” The stress from these events has caused significant stomach issues, leading to four hospitalizations.”

Pointing fingers at the deficiency of security measures, on August 18, Bryan Lawrence, the originator of Glow Token, took to X (formerly Twitter) to announce his legal actions against Forix Dax, the parent company of the major cryptocurrency exchange Crypto.com. He identifies negligence as the primary cause.

Lawrence asserts that either an employee or an external entity infiltrated the company’s internal communications to exploit the “absence of security protocols,” thereby siphoning off funds earmarked for the launch of Glow’s new token, FLARE.

Despite claiming that he diligently conducted a comprehensive review of every step in the listing process, engaging directly with Crypto.com and scrutinizing the listing contract, he later discovered that he had never been in contact with official employees at any point.

He contends that on March 16, he received correspondence from the exchange, revealing that he had fallen prey to a scam. Following an attempt to verify chat logs by contacting the exchange and confirming the authenticity of his communications, his access to the exchange was reportedly revoked. Subsequently, he purportedly received a cease and desist letter.

Lawrence reveals that this situation has inflicted both financial hardship and health issues upon him, stating, “I had to sell my cherished home. This decision was not easy, as my home held great personal value.”

Reportedly, Lawrence is currently undergoing medical treatment for his persistent stomach problems, which he attributes directly to the unfolding developments. He says, ” I am currently consulting with specialists in the hope of finding a solution to my health problems.”

This development follows recent reports suggesting that Crypto.com’s utilization of internal traders could trigger regulatory scrutiny.

On June 19, reports emerged suggesting that Crypto.com potentially utilizes internal teams for market making and proprietary trading. Notably, this use of internal traders within the exchange has not been publicly disclosed.

Allegedly, Crypto.com executives vehemently refute any involvement by the company in trading activities. Furthermore, employees reportedly received directives to assert that no internal market-making operations were in existence.

Image by Freepik

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