Crypto trading platform Coinseed was slapped with a court order to pause its operations and is now shutting down according to a statement from its Chief Executive Officer Delgerdalai Davaasambuu.
It can be recalled that in the first week of May, New York Attorney General Letitia James resorted into taking legal action against the platform because of some illegal activities it was allegedly involved with.
Both the court order that was obtained by the Attorney General’s office and the press release that came after it stated that the order for Coinseed to halt its operations was meant to protect the money or funds of investors as the legal battle moves forward.
Not tolerating illegal activities
The NYAG revealed it has received more than 170 complaints from investors that were part of the crypto trading platform’s operations.
In response, James said, “When platforms operating illegally in New York seek to trade on investors’ money, we will use every tool at our disposal to stop their unlawful actions.”
The lawyer also added they will not allow “rogue operators” to hold investors’ funds hostage for their personal gains and advantages.
CEO fights back
Upset with the development, Davaasambuu took to their website to say that their fatal mistake was its “association with the state of New York.”
In addition to this, the official also said he created an ERC20 token he named FLJ, solely dedicated to Attorney James and “her cronies.”
Still not done with his own version of fight-back, Davaasambuu urged everyone running crypto business in the state to run away as early as now. “Run away from NY if you are running a crypto business there,” he said.
Image courtesy of Cointelegraph News/YouTube