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Aussie firm to launch $100M class action over dodgy QOIN token
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The issuer of a controversial cryptocurrency that can only be sold in batches of $125 daily on a single exchange is facing pushback from an Australian law firm.
Queensland-based law firm Salerno Law plans to file a lawsuit accusing BPS Financial Limited — the company behind the QOIN token — of engaging in misleading and deceptive conduct, pyramid selling of financial products, and failing to comply with financial services regulations. The lawsuit will seek $100 million in damages.
Salerno Law, which specialises in crypto disputes, started collecting expressions of interest from investors and merchants who had incurred losses as a result of the seemingly arbitrary limits placed on QOIN sellers last week.
QOIN tokens are issued on the company’s
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