Description
The SEC sues Hydrogen, alleging that its former CEO artificially inflated the company's token price by placing fake buy and sell bids. The SEC also claims that Hydrogen violated securities laws by failing to register the tokens before distributing them through giveaways to employees and the public, as well as rewarding those who promoted the currency.
Legal Significance
Airdrops may be considered securities offerings depending on how they are structured.
Status
Settled
Case No.
1:22-cv-08284
Date Filed
September 28, 2022
Plaintiff
SEC
Defendant
The Hydrogen Technology CorporationMichael Ross KaneTyler Ostern
Court
USDC Southern District of New York
Plaintiff Counsel
Nicholas MargidaChristopher Carney
Defendant Counsel
-
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