Description
The CFTC sues Coin Drop Markets and founder Patrick McDonnell, accusing them of making off with funds they scammed from customers in exchange for advice on trading in virtual currencies such as bitcoin and litecoin.
Legal Significance
Federal court found that the CFTC has broad authority over fraud related to virtual currencies sold in interstate commerce.
Status
Settled
Case No.
1:18-cv-00361
Date Filed
January 18, 2018
Plaintiff
CFTC
Defendant
Patrick K. McDonnellCabbagetech Corp. d/b/a Coin Drop Markets
Court
USDC Eastern District of New York
Plaintiff Counsel
Gates Salyers HurandDavid Williams OaklandKenneth B. TomerAlejandra de Urioste
Defendant Counsel
Skadden Arps Slate Meagher & Flom LLP
Major Filings
Related Developments
Burt v. Travelers Insurance
Burt v. Travelers Insurance
Settled
CFTC v. 1Pool
CFTC v. 1Pool
Settled
CFTC v. Binance
CFTC v. Binance
Settled
CFTC v. Celsius
CFTC v. Celsius
Complaint Filed
CFTC v. Coin Drop Markets
CFTC v. Coin Drop Markets
Settled
CFTC v. Debiex
CFTC v. Debiex
Complaint Filed
CFTC/FTC v. Voyager
CFTC/FTC v. Voyager
Motion to Dismiss
Combs v. SafeMoon (SafeMoon Class Action)
Combs v. SafeMoon (SafeMoon Class Action)
Motion to Dismiss
FTC v. Celsius
FTC v. Celsius
Motion to Dismiss
FTX Bankruptcy
FTX Bankruptcy
Complaint Filed
Harper v. O’Neal (Shaq Class Action)
Harper v. O’Neal (Shaq Class Action)
Motion to Dismiss
Holland v. CryptoZoo
Holland v. CryptoZoo
Motion to Dismiss
Hunichen v. Atonomi LLC (Atonomi Class Action)
Hunichen v. Atonomi LLC (Atonomi Class Action)
Settled
In Re Celsius Network LLC
In Re Celsius Network LLC
Complaint Filed
In Re Ethereummax Investor Litigation (EthereumMax Class Action)
In Re Ethereummax Investor Litigation (EthereumMax Class Action)
Motion to Dismiss
In Re Ripple Labs Inc. Litigation
In Re Ripple Labs Inc. Litigation
Motion to Dismiss
Jacobo v. Doe
Jacobo v. Doe
Dismissed
Johnson v. Maker Ecosystem Growth Holdings (Maker Foundation Class Action)
Johnson v. Maker Ecosystem Growth Holdings (Maker Foundation Class Action)
Settled
Johnson v. Musk (,Elon Musk Class Action)
Johnson v. Musk (,Elon Musk Class Action)
Settled
Karnas v. McCarter & English (NBA and McCarter & English Class Action)
Karnas v. McCarter & English (NBA and McCarter & English Class Action)
Complaint Filed
Kent v. PoolTogether
Kent v. PoolTogether
Dismissed
Kim v. Jump Trading, LLC (Jump Class Action)
Kim v. Jump Trading, LLC (Jump Class Action)
Motion to Dismiss
Lahav v. Binance Holdings Limited (Binance Class Action)
Lahav v. Binance Holdings Limited (Binance Class Action)
Complaint Filed
Marini v. Adamo
Marini v. Adamo
Appeal
Meany v. Atomic Protocol Systems OU (Atomic Wallet Class Action)
Meany v. Atomic Protocol Systems OU (Atomic Wallet Class Action)
Motion to Dismiss
Messieh v. HDR Global Trading Ltd. (BitMEX)
Messieh v. HDR Global Trading Ltd. (BitMEX)
Motion to Dismiss
Moeller-Bertram v. Gemini
Moeller-Bertram v. Gemini
Dismissed
Morgan v. Constellation
Morgan v. Constellation
Dismissed
Owen v. Elastos Foundation (Elastos Class Action)
Owen v. Elastos Foundation (Elastos Class Action)
Settled
Patterson v. Jump Trading
Patterson v. Jump Trading
Appeal
Patterson v. TerraForm Labs Pte Ltd. (Terra [Luna] Class Action)
Patterson v. TerraForm Labs Pte Ltd. (Terra [Luna] Class Action)
Motion to Dismiss
Real v. Yuga Labs (Yuga Labs Class Action)
Real v. Yuga Labs (Yuga Labs Class Action)
Motion to Dismiss
Risley v. Uniswap Labs (Uniswap Class Action)
Risley v. Uniswap Labs (Uniswap Class Action)
Appeal
Sarcuni vs. bZx DAO (Ooki DAO Class Action)
Sarcuni vs. bZx DAO (Ooki DAO Class Action)
Dismissed
SEC v. 1Pool
SEC v. 1Pool
Settled
SEC v. American CryptoFed DAO
SEC v. American CryptoFed DAO
Cease-and-Desist
SEC v. Arbitrade
SEC v. Arbitrade
Motion to Dismiss
SEC v. BarnBridge DAO
SEC v. BarnBridge DAO
Settled
SEC v. Beaxy
SEC v. Beaxy
Settled
SEC v. Binance
SEC v. Binance
Motion to Dismiss
SEC v. BitConnect
SEC v. BitConnect
Complaint Filed
SEC v. Bitqyck
SEC v. Bitqyck
Settled
SEC v. Bittrex
SEC v. Bittrex
Settled
SEC v. Caroline & Gary Wang (FTX)
SEC v. Caroline & Gary Wang (FTX)
Settled
SEC v. Celsius
SEC v. Celsius
Settled
SEC v. CoinDeal
SEC v. CoinDeal
Settled
SEC v. Coinseed
SEC v. Coinseed
Settled
SEC v. Crowd Machine
SEC v. Crowd Machine
Settled
SEC v. DEBT Box
SEC v. DEBT Box
Dismissed
SEC v. DeSalvo
SEC v. DeSalvo
Complaint Filed
SEC v. Dragonchain
SEC v. Dragonchain
Complaint Filed
SEC v. Dropil
SEC v. Dropil
Settled
SEC v. Eisenberg (Mango Markets Hacker)
SEC v. Eisenberg (Mango Markets Hacker)
Complaint Filed
SEC v. Geosyn Mining
SEC v. Geosyn Mining
Motion to Dismiss
SEC v. Green United
SEC v. Green United
Motion to Dismiss
SEC v. Grybniak et al
SEC v. Grybniak et al
Complaint Filed
SEC v. Hydrogen Technology Corp.
SEC v. Hydrogen Technology Corp.
Settled
SEC v. Krstic, DeMarr & Enos
SEC v. Krstic, DeMarr & Enos
Complaint Filed
SEC v. Lee (Bitcoin Beautee)
SEC v. Lee (Bitcoin Beautee)
Complaint Filed
SEC v. Meta 1 Coin Trust
SEC v. Meta 1 Coin Trust
Settled
SEC v. Ripple
SEC v. Ripple
Settled
SEC v. SafeMoon
SEC v. SafeMoon
Complaint Filed
SEC v. SBF
SEC v. SBF
Complaint Filed
SEC v. Sharma et al
SEC v. Sharma et al
Settled
SEC v. Shopin
SEC v. Shopin
Settled
SEC v. SoluTech
SEC v. SoluTech
Cease-and-Desist
SEC v. Sparkster
SEC v. Sparkster
Cease-and-Desist
SEC v. TerraForm (Luna)
SEC v. TerraForm (Luna)
Settled
SEC v. Thor
SEC v. Thor
Settled
SEC v. Tomahawk
SEC v. Tomahawk
Settled
SEC v. Uulala
SEC v. Uulala
Settled
SEC v. Veritaseu
SEC v. Veritaseu
Settled
Teed v. Chen
Teed v. Chen
Motion to Dismiss
Thomson vs. Persistance Technologies
Thomson vs. Persistance Technologies
Complaint Filed
Underwood v. Coinbase Global Inc.
Underwood v. Coinbase Global Inc.
Settled
USA v. Ahmed
USA v. Ahmed
Settled
USA v. Atcha
USA v. Atcha
Complaint Filed
USA v. Eisenberg
USA v. Eisenberg
Complaint Filed
USA v. Faiella aka “BTCKing”
USA v. Faiella aka “BTCKing”
Settled
USA v. Kane
USA v. Kane
Appeal
USA v. Peraire-Bueno
USA v. Peraire-Bueno
Complaint Filed
USA v. Scotese
USA v. Scotese
Settled
USA v. Zhong
USA v. Zhong
Settled
Valenti v. Dfinity USA Research LLC (Dfinity Class Action)
Valenti v. Dfinity USA Research LLC (Dfinity Class Action)
Motion to Dismiss
Williams v. Binance
Williams v. Binance
Complaint Filed