Digital currencies such as Bitcoin, Ethereum, and Litecoin are well-known around the world. However, the legal aspects related to the cryptocurrencies are not as simple as the crypto money itself. It is a relatively new business; this means that a lot of crypto owners are aware of the legal challenges they can face in a court. Nevertheless, still, there are lawsuits and one of them has the chance to become the largest cryptocurrency lawsuit in history.
This story started in 2018. However, tensions escalated this month more specifically on September 23, Canadian startup Paycase Global Corp filed a lawsuit against the operator of the Toronto Stock Exchange. Previous suits related to the digital currency are not even close to this one, as, during the previous cases, nobody asked for $500 million.
The Paycase Global Corp made history when it filed a lawsuit and asked for half a billion-dollar. The defendant, in this case, is the TMX Group which 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 position of the startup is that TMX Group was not eligible to terminate the contract without merely because it was problematic for the TMX Group.
The Paycase Global Corp and TXM Group signed a 10-year contract. The purpose of this contract was to create the data feeds and crypto indexes. The operator of the Toronto Stock Exchange and the startup also agreed to share the crypto-index revenue.
Last year in December, TMX Group sent a “Mutual Termination Agreement.” However, Paycase Global Corp rejected this offer. Paycase Global Corp claims that due to the actions of TMX Group, the company experienced problems. Right now, it is up to the court to determine whether the Paycase lost $500 million as a result of this contract with TMX Group.