Sun, December 04, 2022

The largest cryptocurrency-related lawsuit in history

Crypto industry in Russia

Digital currencies such as Bitcoin, Ethereum, and others are famous in many countries. It means that people are aware of their prices as well as other issues. Lawsuits related to digital currencies are not common in many parts of the world. It is a relatively new business, and as a result, many crypto owners are not familiar with all the legal aspects. However, this does not mean that there are no lawsuits.

On Monday, Canadian startup Paycase Global Corp filed a lawsuit against the operator of the Toronto Stock Exchange. This lawsuit is arguably the most expansive cryptocurrency-related lawsuit in the history of the digital currency market. Previous suits did not match with this one, as during the previous cases nobody asked for $500 million.

The Canadian startup became the first company which has the desire to win half a billion as a result of this lawsuit. The Paycase Global Corp is suing the TMX Group as mentioned this group is the operator of the Toronto Stock Exchange. The Superior Justice Court of Canada has to decide whether the Paycase Global Corp will receive this unprecedented amount of money.

The details of the lawsuitCryptocurrencies and the global economy

According to Paycase, the TMX Group violated the agreement by terminating the contract without any serious reason. Both of the companies have their headquarters in Toronto. Paycase Global Corp claims that due to the actions of TMX Group, the startup suffered financial as well as reputational losses.

The startup and Toronto Stock Exchange signed a contract. Based on the contract both sides agreed to work together and to share the revenue. The purpose of this agreement was to create the data feeds and crypto indexes. Also, one of the point to sign this contract was to share the crypto-index revenue.

Last year in December, TMX Group sent a “Mutual Termination Agreement.” However, Paycase Global Corp rejected this offer. Right now, it is up to the court to decide the fate of this dispute.

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