US Court of Appeals Partially Overturns Binance.US Lawsuit Dismissal, HEX Token Manipulation Case Reopened
The US Court of Appeals recently partially overturned the dismissal of a collective lawsuit against Binance.US for alleged manipulation of HEX token prices. A panel of three judges from the Ninth Circuit Court of Appeals found that plaintiff Ryan Cox had legitimate reasons to accuse Binance.US and CoinMarketCap.Cox filed the lawsuit in 2021, alleging that Binance artificially restricted HEX's ranking on CoinMarketCap, leading to a decrease in HEX trading prices.The appeals court found that the district court's previous conclusion that "substantial minimum contacts with Arizona" were required was erroneous, and determined that the defendants within the United States had personal jurisdiction because they had sufficient contacts with the United States. The court also found Cox's price manipulation allegations reasonable and remanded the case for further proceedings.It is worth noting that Richard Heart, the founder of HEX token, was sued by the SEC on July 31, 2023, for violating federal securities laws and defrauding investors of at least $12.1 million. The SEC alleges that Heart used investor funds to purchase personal luxury items instead of token development and marketing.Currently, HEX's trading price is $0.004, down more than 99% from its historical high of $0.51 in September 2021.
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