Description
The SEC sues BitConnect, its founder and the lead promoter for violating securities laws, alleging that the lending program was both an unregistered sale and scam, and the offering and selling of unregistered BCC tokens.
Legal Significance
This case contemplates whether BitConnects lending program was an unregistered securities offering and whether the promoters of the lending program are to register as a broker-dealer.
Status
Complaint Filed
Case No.
1:21-cv-07349
Date Filed
September 1, 2021
Plaintiff
SEC
Defendant
Bitconnect LTD.Satish KumbhaniGlenn ArcaroFuture Money Ltd.
Court
USDC Southern District of New York
Plaintiff Counsel
Richard G. PrimoffJohn O'Donnell EnrightRichard R. Best
Defendant Counsel
Andures/Podberesky
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
Consensys Software Inc. v. SEC
Consensys Software Inc. v. SEC
Motion to Dismiss
Cress v. Nexo Financial LLC
Cress v. Nexo Financial LLC
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
Jeong v. Next Financial (Nexo Class Action)
Jeong v. Next Financial (Nexo Class Action)
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
Parks v. Bitconnect
Parks v. Bitconnect
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
Roberts v. Ehrlich
Roberts v. Ehrlich
Settled
Samuels v. Lido
Samuels v. Lido
Motion to Dismiss
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. Balina
SEC v. Balina
Appeal
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. Coinbase
SEC v. Coinbase
Appeal
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. Gemini
SEC v. Gemini
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. Schueler
SEC v. Schueler
Motion to Dismiss
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
Sizemore v. Zhao (Binance Class Action)
Sizemore v. Zhao (Binance Class Action)
Motion to Dismiss
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