Dfinity Beats Investor Suit Over Initial Crypto Token Offering

Dfinity USA Research LLC and its Swiss parent foundation defeated allegations it misled investors ahead of a 2021 initial cryptocurrency coin offering, a federal judge ruled.

Investors neither sufficiently alleged the reliability of sources accusing Dfinity employees of selling tokens nor the level of intent to commit securities fraud with enough detail to meet heightened pleading standards, said Judge James Donato on Tuesday. And since Dfinity started offering ICP tokens four years before investors sued, their non-fraud Securities Act of 1933 claims were time-barred, as 2017 would fall outside the three-year window, the US District Court for the Northern District ...