Kowala SEZC, the company behind the cryptocurrency “kCoin,” was hit with a fraud lawsuit claiming it took an investor’s money based on rosy projections its top executives knew to be false.
Merkamerica Inc. paid Kowala more than $300,000 early last year for the right to mine the planned “stablecoin” and process blockchain transactions related to it, according to the July 16 complaint filed in the U.S. District Court for the Central District of California.
The kCoin, purporting to be “backed by math and code,” was supposed to have the versatility of a virtual currency and the stability of traditional money ...
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