Crypto

As per the latest reports, Gains Associates has reportedly filed a lawsuit against Modern Assets Australia. The reports suggest that the lawsuit has been filed by Gains Associates at the Australian court. In the lawsuit, Gains Associates has alleged Modern Assets Australia of being involved in a scam that led to a failed deal. The deal was going to be the acquisition of tokens that had been created on the Klaytn platform.

Gains Associates exists as a company that is known for allowing investors to buy cryptocurrencies and pool their money. It is based in Paris and is run by Alexandre Raffin, who is a French businessman. On the other hand, Modern Assets Australia exists as a research and crypto advisory company.

Klatyn platform is a project that is based on a blockchain and is reportedly backed by Kakao, which is an internet giant from South Korea.

Further details for the lawsuit reveal that it has been filed by Alexandre Raffin. In the lawsuit, Raffin has claimed that as the market skyrocketed, he ended up losing $600,000.

In the lawsuit, it can be found that Raffin has put the blame of losing $600,000 on Modern Assets Australia and its directors. The sources have revealed that at present, the directors at Modern Assets Australia are Carlo Sciubba and Jonathan Allison.

The Australian broadcast association has reported that Raffin has alleged the defendants of failing to perform due diligence on the supplier of the tokens as well as breaching their caring duty to him.

According to the lawsuit, the deal between the two firms was that Modern Assets Australia was supposed to provide tokens to Gains Associates. Modern Assets Australia reportedly had to supply the other party with 937,500 tokens at a price of $71,000.

The initial deal did not go as planned then Raffin was connected directly to the seller by Modern Assets Australia. However, Raffin has claimed that the seller turned out to be a hoax as, after one month of receiving the payment, the seller disappeared. Even the encrypted account that the seller had was deleted after some time.

Following the incident, Raffin has claimed that if they had been able to acquire the tokens, they could have benefited a lot from the deal. During the entire process of the deal, the price of the tokens skyrocketed. Therefore, their investment could have brought them a whopping investment return of $2.8 million.

Following the incident, Gains Associates and its owner are now seeking damages as well as $609,000, which as per him they would have earned if the deal would have gone through successfully.

Raffin stated that as a result of the above, he had to pay the investors back from his own pocket. This ended up him spending 80% of his assets in order to make sure that their investors got their money.

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