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NY Attorney General Moves to Shut Down Crypto App Coinseed Over Fraud Claims
The action follows allegations of fraud against the app in February.
New York state Attorney General Letitia James has moved to shut down automated crypto trading app Coinseed for allegedly continuing to defraud its users even as it faced pressure on multiple legal fronts.
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- Alleging continued fraud and citing new evidence, James filed a court motion on Thursday to freeze Coinseed’s trading activity and halt all operations.
- In February, James accused Coinseed of bilking $1 million from investors through hidden fees, false claims and a flopped token. The U.S. Securities and Exchange Commission (SEC) hit Coinseed with token registration violations in a parallel suit.
- Coinseed CEO Delgerdalai Davaasambuu, who is named in the NYAG suit, did not immediately respond to a request for comment from CoinDesk.
- The new evidence includes allegations of unauthorized trading activity, filings show.
- Multiple users told James their crypto balances were converted to dogecoin without their consent. One said his $48,000 position became around $31,000 in DOGE without his knowledge:
Read more: Automated Crypto Investing App Coinseed Faces Fraud Charges in NY, SEC Lawsuits
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
