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Coinseed is shutting down

Şükriye Akdeniz

Sep 15, 2021

Heavy sanction to the company confirmed to have made irregularities related to Dogecoin

Coinseed is a US-based cryptocurrency platform. The platform faced a very heavy sanction after what it did. The decision has been made in the lawsuit filed against the company, which claims that investors will turn their DOGE investments into profits, thus obtaining millions of dollars in DOGE.
New York Attorney General Letitia James won the case against Coinseed, and the platform was shut down. The platform is accused of turning some of its investors' funds into DOGE with permission and the majority without permission.
In the published press release, the decision was made about Coinseed and its CEO Delgerdalai Davasambuu. It was highlighted that Coinseed sold illegal securities, turned millions of dollars of investments into DOGE without permission, and provided broker services without the necessary permissions. The court ordered the company to pay a penalty of 3 million dollars and the services of the platform were stopped.
In a statement on the subject, Attorney General Letitia James stated that both the company and the CEO have been deceiving investors for years and the company has been serving for years. Stating that the funds of the investors were held without permission and that the investors were converted without their permission, the prosecutor used the phrase “an extra volatile cryptocurrency that can experience incredible activity within hours” for DOGE.

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