Description
Class action suit against Illusory Systems, alleging that the companies behind a blockchain system misrepresented the system’s security measures prior to a $186M hack and ran an illegal money-transmitting business.
Legal Significance
The court dismissed the Plaintiff’s claims of racketeering and negligence brought against the investor defendants.
Status
Motion to Dismiss
Case No.
1:23-cv-00183
Date Filed
February 17, 2023
Plaintiff
Mannu Singh
Defendant
Illusory Systems Inc.Archetype Crypto II LLCConsensys Software Inc.Connext Labs Inc.Ozone Networks Inc.Coinbase Inc.Polychain Alchemy LLCCircle Internet Financial LLCEthereal Ventures I Partners L.P.Consensus Mesh
Court
USDC District of Delaware
Plaintiff Counsel
Heyman Enerio Gattuso & Hirzel LLP
Defendant Counsel
Young Conaway Stargatt & Taylor LLPShaw Keller LLPQuinn Emanuel Urquhart & Sullivan LLPRichards Layton & Finger PALandis Rath & Cobb LLPRoss Aronstam & Moritz LLPMorris Nichols Arsht & Tunnell LLPWilson Sonsini Goodrich & Rosati PCAbrams & Bayliss LLPWilson Sonsini Goodrich & Rosati PC
Major Filings
Motion to Dismiss Count Two of Amended Complaint by Coinbase, Ozone and Polychain (Investors)
July 17, 2023
Motion to Dismiss Amended Complaint by Archetype Crypto II, Connext Labs, Ethereal and ConsenSys (Keyholders)
July 17, 2023
Answer Brief in Opposition to Investors’ Motion to Dismiss Count Two of Amended Complaint
August 23, 2023
Answering Brief in Opposition to Illusory System’s Motion to Dismiss Amended Complaint
August 23, 2023
Answering Brief in Opposition to Keyholders’ and Circle’s Motion to Dismiss Amended Complaint
August 23, 2023
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