Open Props Gets Crypto Fraud Claims Tossed on Investor Knowledge

A cryptocurrency purchaser can’t proceed with a fraud suit against the token issuer, video streaming service Open Props Inc., because he was aware of the inherent risks of the investment, a federal court in New York ruled.

Props Token holder Romein Rostami also failed to show that Open Props intended to defraud him, Judge Ronnie Abrams said Monday for the US District Court for the Southern District of New York.

Open Props, then called YouNow Inc., announced its new Props Tokens in September 2017, Rostami said. It allegedly promoted them through various representations, including about its capabilities and about the ...